Latest news with #QalaaHoldings
Zawya
08-07-2025
- Business
- Zawya
Egypt: Qalaa Holding posts $2.9mln sales in 2024
Arab Finance: Qalaa Holdings has posted its consolidated financial results for the three- and twelve-month periods ending December 31st, 2024, as per an emailed press release. 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. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
08-07-2025
- Business
- Zawya
Egypt: Qalaa Holdings' revenues leap 53% in 2024
Cairo – Qalaa Holdings achieved 53% year-on-year (YoY) higher revenues at EGP 148.90 billion in 2024, mainly driven by Egyptian Refining Company's (ERC) USD-denominated revenue. The company's EBITDA reached EGP 21.40 billion as of 31 December 2024, marking an annual decline of 6%, according to the financial results. Moreover, the consolidated bottom-line dropped by 2% YoY to EGP 6.40 billion. The Chairman and Founder of Qalaa Holdings, Ahmed Heikal, commented: '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,' 'As we head further into 2025, we will continue to build on the strong top-line performance to deliver sustainable, broad-based growth,' Heikal added. 'In 2024, the group's consolidated net income contracted slightly by 2% YoY, largely due to the decline in ERC's refining margins, whereas net income excluding ERC inched upwards by 4% YoY, with the majority of subsidiaries reporting bottom-line growth during the year,' he noted. The founder also announced that the group's capital increase is expected to significantly de-risk its financial position, as it will transform around $240 million of debt into equity. On his part, Hisham El-Khazindar, Qalaa Holdings Co-Founder and Managing Director, stated: 'I am pleased to announce that as of 20 December 2024, ERC has successfully finalized its senior and subordinated debt restructuring, and the company has recently completed a repayment of $157.50 million in June 2025.' 'On that front, ERC's current net senior debt amounts to $228 million, and the company remains on track to settle its senior debt ahead of schedule. We remain completely committed to reducing Qalaa's risk levels and maintaining a healthy financial position going forward,' added El-Khazindar. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Zawya
07-07-2025
- Business
- Zawya
Egypt's Qalaa Holdings reports $3bln in annual revenue
Egyptian energy and infrastructure investment firm Qalaa Holdings announced its consolidated financial results for financial year 2024, with revenues rising 53 percent year-on-year to EGP 148.9 billion ($2.99 billion), largely driven by foreign currency gains at its flagship asset, Egyptian Refining Company (ERC). However, Group EBITDA for the 12 months ending 31 December 2024 declined by 6 percent year-on-year (y-o-y) to EGP 21.4 billion ($431 million) mainly as a consequence of the decline in refining margins at ERC, according to a press statement issued by Qalaa on Monday. On a consolidated basis, net profit after minority interest fell 2 percent y-o-y to EGP 6.4 billion while fourth quarter 2024 net income dropped 91 percent y-o-y due to the absence of last year's one-off gain from the TAQA Arabia divestment. ERC's revenues — denominated in USD — rose 54 percent y-o-y in financial year 24 to EGP 134.9 billion, helped by the depreciation of the Egyptian pound. However, the refinery posted a net loss of EGP 1 billion in the fourth quarter, versus a profit of EGP 641.3 million a year earlier, due to an increase in feedstock prices, a drop in the prices of refined products, and a decline in the quality of feedstock. Chairman and Founder Ahmed Heikal emphasised the Group's resilience amid macroeconomic headwinds and reiterated its focus on gradual investment growth, while also advancing debt restructuring initiatives. While acknowledging the ERC drag, Heikal noted that excluding ERC, the Group's EBITDA grew 46 percent y-o-y, while net profit excluding ERC rose 4 percent, with most subsidiaries delivering positive bottom-line results. Capital increase and debt settlement Qalaa stated that it continues to make progress on its debt settlement and restructuring efforts. An Ordinary General Assembly convened and approved last month the extension of the deadline for capital increase to 15 September 2025. An Extraordinary General Assembly is set for 17 July to discuss the approval of the proposed capital increase and the capitalisation of dues owed to QHRI [Qalaa Holding Restructuring Ltd] and CCP [Citadel Capital Partners]. Capitalisation of QHRI debt is anticipated to be completed by the end of the third quarter of 2025. 'The approval of the capital increase is expected to significantly de-risk Qalaa's financial position, as it will transform around $240 million of debt into equity, in alignment with the company's broader strategic objectives of streamlining its capital structure and enhancing shareholder value,' Heikal said. With regard to ERC's debt, Hisham El-Khazindar, Qalaa Holdings Co-Founder and Managing Director said the company's current net senior debt stands at $228 million, with early repayment targets in place. 'As of 20 December 2024, ERC has successfully finalised its senior and subordinated debt restructuring, and the company has recently completed a repayment of $157.5 million in June 2025,' he stated. We remain completely committed to reducing Qalaa's risk levels and maintaining a healthy financial position going forward,' added El-Khazindar Qalaa Holdings - formerly known as Citadel Capital - operates across sectors including energy, cement, agrifoods, logistics, mining, and packaging. (1 US Dollar = 49.69 Egyptian Pounds) (Writing by Marwa Abo Almajd; Editing by Anoop Menon)
Zawya
13-06-2025
- Business
- Zawya
Egypt: Qalaa Holdings to raise authorized capital to $1bln
Arab Finance: Qalaa Holdings' board of directors approved increasing the authorized capital from EGP 10 billion to EGP 50 billion, as per a bourse filing issued on June 12 th. The capital hike aims to secure procedural flexibility to allow the rapid issuance of new shares as needed. Additionally, the EGX-listed firm will raise its issued capital by EGP 14 billion from EGP 9.10 billion to EGP 23.10 billion through a cash contribution at par value, for both common and preferred shares. Qalaa Holdings will issue 2.80 billion new shares, representing 2.181 billion common shares and 618.059 million preferred shares, each with a nominal value of EGP 5. Following the transaction, the new capital will be divided into 4.62 billion shares, instead of 1.82 billion shares. The increase will be allocated to existing shareholders pro rata to their ownership in the issued capital as of a record date, which is set to be determined. The company provided an option to utilize shareholders' credit balances to subscribe for new shares, whether during the first or second subscription rounds. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Daily News Egypt
10-03-2025
- Business
- Daily News Egypt
Egypt reassesses National Food Safety Authority's export testing fees
Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, Kamel Al-Wazir, chaired the 19th meeting of the ministerial group for industrial development, where key economic and industrial issues were discussed. The meeting reviewed the status of the Al-Harsh area in Al-Bayadiya village, Qantara West, currently under the jurisdiction of the General Authority for Reconstruction and Agricultural Development Projects. The area houses 16 unplanned factories interspersed with residential units and scattered agricultural lands. To address this, a joint committee—comprising the Industrial Development Authority (IDA) and the General Authority for Reconstruction and Agricultural Development Projects—was formed to redesign the area, legalize the status of existing factories, and initiate procedures for issuing a presidential decree to transfer jurisdiction to the IDA, officially converting the land from agricultural to industrial use. Additionally, the meeting addressed requests from Qalaa Holdings regarding the allocation of 15,000 feddans of suitable agricultural land for expansion in agricultural and agri-industrial activities, particularly for herbs and aromatic plants. The company was granted permission to inspect available lands in the Sahil Baraka area, managed by the Egyptian Countryside Development Company, and the Abu Zaabal region, under the Ministry of Military Production. Furthermore, the Mineral Resources Authority was tasked with reviewing the company's requests for access to mines and quarries for essential raw materials such as talc and kaolin. Qalaa Holdings was directed to submit a detailed memorandum to the Ministry of Petroleum and Mineral Resources for further coordination with the Minister of Petroleum. The meeting also reviewed a complaint from Gold Sky for Plastic regarding the high fees imposed by the National Food Safety Authority for export-related cup analysis. Previously, the Ministry of Health had charged lower fees for the same analysis. In response, Al-Wazir directed that a meeting be held between the company, the National Food Safety Authority, and the IDA to discuss the fee structure and its duration, aiming to alleviate the financial burden on exporters. In addition, the Ministry of Finance presented its efforts to enhance governance and transparency through the electronic invoicing system, requiring institutional expense approvals to be linked to electronic invoices for purchased goods and services. The minister instructed the Finance Ministry to compile a comprehensive report with specific recommendations to combat tax evasion. Simultaneously, the Ministry of Investment and Foreign Trade was tasked with preparing a report on smuggling and the influx of certain imported goods into Egyptian markets, both of which will be submitted to the Prime Minister for further review. The meeting also addressed concerns from industrial investors in the first and second industrial zones in Ismailia regarding insufficient electricity capacity, which has resulted in frequent power outages in factories due to increased demand. Despite efforts by the Ministry of Electricity to expand the region's power supply, issues persist. To resolve this, the minister called for coordination between the Canal Company for Electricity Distribution and the Ismailia Governorate to study the feasibility of establishing a new power station to meet the area's growing electricity needs.
