FINANCIAL NEWS

Egypt’s Qalaa records net loss of USD26.95mn in Q1

05 Jul 2016

(MENAFN) Qalaa Holdings posted a 20 percent increase in whole revenues of USD0.18bn in Q1 of this year, compared to USD0.15bn in Q1 of 2015.

However, despite the increase in revenues the firm also recorded a net loss value USD26.95mn, greater than the USD13.23mn loss reported in 2015.

Qalaa Holdings, an African leader in energy and infrastructure proclaimed that its top-line growth was driven by operational improvement at ASEC Cement’s Sudan.

The Egyptian refining Co. (ERC), Egypt’s largest private sector megaproject is more than 85 percent finish, and the first on-spec product will be sold in 2017.

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