Egypt: Qalaa Holding posts $2.9mln sales in 2024
In 2024, Qalaa recorded a revenue of EGP 148.9 billion, a 53% year-on-year (YoY) surge.
Revenues were mainly driven by ERC's USD-denominated revenue and the broad-based growth across the Group's subsidiaries.
The group's EBITDA hit EGP 21.4 billion in 2024, falling by 6% YoY following the decline in EBITDA witnessed at ERC.
Likewise, the group's consolidated bottom line contracted by 2% YoY, closing out the year at EGP 6.4 billion.
In the fourth quarter (Q4) of 2024, Qalaa achieved a consolidated net profit after minority interest of EGP 420.7 million, a 91% YoY decline.
'Qalaa closed out the year strongly, reporting solid top-line expansion in 2024. Our performance throughout the past year underscores the group's strength and resilience, as well as its ability to navigate challenging macroeconomic conditions,' said Qalaa Holdings Chairman and Founder Ahmed Heikal.
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