Qalaa Holdings announces 2Q17 net loss of US$158m

Qalaa Holdings, a leading energy and infrastructure investment company based in Egypt, announced its consolidated financial results for the quarter that ended in 30 June with a net loss worth EGP2.8bn  (US$158m) in 2017, compared to EGP277.5m in 2016.

The company announced its revenues reached EGP2.3bn during the second quarter 2Q17, with revenue growth of 25 per cent YoY. Chairperson and Founder of Qalaa Holdings, Ahmed Heikal said, Qalaa achieved a 76 per cent EBITDA growth YoY to reach EGP167.4m in 2017.

Moreover, the Tawazon subsidiary reported 127 per cent growth in revenues y-o-y due to the higher demand for the alternative fuels including biomass and Refuse Derived Fuel (RDF).

Qalaa's revenues from sale of investment was worth EGP404.4m in 2017, following the sale of ASEC’s Djelfa plant (the company’s cement greenfield plant in Algeria) in late May 2017, according to Heikal.