- Dina Farms Holding revenue jumped 79% YoY to EGP 734 million.
- ASCOM revenues climbed 53% YoY to EGP 760 million, boosted by EGP devaluation.
- TAQA Arabia saw a 22% YoY revenue increase to EGP 3.60 billion.
QALA FOR FINANCIAL INVESTMENTS
CCAP
Financial ResultsPositive News
Qalaa Holdings Surges 45% in Q1 Revenue Amid Strategic Debt Moves
Qalaa Holdings reports 45% Q1-24 revenue surge driven by subsidiaries and debt restructuring, despite EBITDA decline.
September 19, 2024 at 2:15:00 PMScore: 78
Qalaa Holdings reported a 45% year-on-year (YoY) revenue surge to EGP 37.60 billion in Q1-24, driven by strong subsidiary performances. However, EBITDA fell to EGP 7.70 billion from EGP 9.70 billion in Q1-23, attributed to margin normalization at ERC and Sudan's war impacting Al Takamol Cement. Excluding ERC, revenues rose 26% YoY to EGP 3.20 billion. Key highlights include:
Recommended Actions
- Hold Qalaa stock pending debt restructuring outcomes
- Monitor Sudan conflict impact on Al Takamol Cement
- Track subsidiary performance trends in Q2-24
- Consider partial profit-taking after recent gains
- Watch for equity swap opportunities through capital increase
Positive Aspects
- 45% revenue growth
- Successful debt restructuring with Egyptian banks
- Strong subsidiary performances (Dina Farms, ASCOM, TAQA Arabia)
Negative Aspects
- EBITDA declined by 20% YoY
- Sudan conflict impacted Al Takamol Cement operations
- ASEC Holdings revenue dropped 10%
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