(2015-09-20) Qalaa’s 1H2015 revenues climb 37.8% y-o-y Qalaa Holdings ((CCAP) on the Egyptian Exchange, formerly Citadel Capital) released today its consolidated financial results for the quarter ending 30 June 2015, reporting revenues of EGP 2,086.8 million, up 33.7% compared to the same quarter last year.
On a six months basis, revenues climbed 37.8% y-o-y in 1H15 to EGP 4,034.3 million. EBITDA meanwhile stood at EGP 565.1 million in the first half of 2015, a 169% increase over 1H14.
Revenue growth was driven by strong performance at TAQA Arabia’s fuel marketing arm, having recorded top-line y-o-y growth of 72% and 73% in 2Q15 and 1H15, respectively. In the cement division, ASEC Cement’s Sudan subsidiary Al-Takamol also made a strong contribution to Qalaa’s top-line growth, with the cement unit’s revenue recording 96% and 121% y-o-y growth in 2Q15 and 1H15, respectively. Together the energy and cement divisions contributed some 70% of total revenues in 2Q15.
On the restructuring front, the first six months of 2015 have also witnessed several developments, including ASEC Holding’s sale of its 27.5% stake in Misr Qena Cement, which resulted in a gain from sale of investment equivalent to EGP 67 million booked in 2Q15.
