In a remarkable showcase of resilience and growth, Qalaa Holdings has reported a substantial 53% increase in year-on-year revenues for 2024, reaching an impressive EGP 148.90 billion. This surge was primarily fueled by the robust performance of the Egyptian Refining Company (ERC), highlighting the potential of Egypt’s energy sector to drive economic success.
The company’s preliminary results, shared recently, revealed that its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) stood at EGP 21.40 billion as of December 31, 2024. While this reflects a slight annual decline of 6%, it underscores the operational challenges industries face in a dynamic economic landscape. The consolidated net income also experienced a modest dip, decreasing by 2% year-on-year to EGP 6.40 billion. However, it’s important to note that despite these fluctuations, the overall revenue growth signals Qalaa’s strong market presence and strategic initiatives.
Qalaa’s Chairman and Founder, Ahmed Heikal, shared insightful comments on the company’s performance, stating, “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.” He expressed optimism for 2025, emphasizing the commitment to achieving sustainable and broad-based growth moving forward.
A notable point in the financial outlook is the anticipated capital increase which will convert approximately 0 million of debt into equity, thereby significantly reducing the company’s risk profile. Co-Founder and Managing Director Hisham El-Khazindar added that ERC successfully completed its debt restructuring, which included a repayment of 7.50 million in mid-2025, highlighting the company’s proactive approach to financial management.
With plans to settle its senior debt ahead of schedule, Qalaa Holdings is ensuring a robust financial future, aimed at fortifying its position within the competitive landscape of the Egyptian economy. This kind of fiscal responsibility and strategic management makes Qalaa a company to watch in the coming years.
As Egypt continues to evolve economically, companies like Qalaa Holdings will play a crucial role in shaping the landscape, driving growth, and enhancing investor confidence in the broader region.
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