Cairo – Mubasher: Qalaa Holdings posted consolidated net profits after tax worth EGP 7.09 billion in the first nine months (9M) of 2023, marking an annual plunge from EGP 13.05 billion, including minority interest.
Revenues stood at EGP 84.38 billion in the January-September 2023 period, up year-on-year (YoY) from EGP 69.38 billion, according to the consolidated financial results.
Basic and diluted earnings per share (EPS) declined to EGP 3.90 in 9M-23 from EGP 7.18 a year earlier.
Total assets reached EGP 184.69 billion as of 30 September 2023, higher than EGP 144.88 billion at the end of December 2022.
Standalone Business
Qalaa Holdings incurred standalone net losses after tax valued at EGP 1.39 billion during the nine-month period that ended on 30 September 2023, versus EGP 1.08 billion in 9M-22.
Non-consolidated basic and diluted loss per share amounted to EGP 0.76 in 9M-23, compared to EGP 0.59 in the year-ago period.
Income Statements for Q3-23
During the third quarter (Q3) of 2023, the EGX-listed company witnessed an annual drop in consolidated net profit to EGP 2.50 billion, compared to EGP 4.53 billion, including non-controlling interest.
The revenues increased by 11% to EGP 26.44 billion in Q3-23 from EGP 23.72 billion in Q3-22, while the basic and diluted EPS plummeted to EGP 1.38 from EGP 2.49.
In Q3-23, the firm’s standalone net losses after tax shrank to EGP 109.31 million from EGP 660.85 million a year earlier, while the loss per share retreated to EGP 0.06 from 0.36.
The Chairman and Founder of Qalaa Holdings, Ahmed Heikal, stated: “Although we are now seeing signs of global inflation coming down, countries continue to face unprecedented levels of debt, still elevated inflation rates, and tightening monetary conditions.”
“As a result, there are continued expectations of suppressed economic growth in the long term, high borrowing costs, and an increased focus on debt reduction,” Heikal added.
He noted: “I am pleased to announce that APM Investment Holdings Limited, a wholly owned subsidiary of Qalaa Holdings’ mining arm ASCOM, completed the sale of its c.35% stake in Ethiopia’s Kurmuk Gold Project to Canadian company Allied Gold Corp.”
“The revenue from this transaction includes the receipt of around 11.5 million shares in Allied Gold in favor of APM Investment Holdings Limited, with a total value of $25.10 million as of 30 September 2023,” the Chairman revealed.
He indicated: “The transaction will also include deferred payments totaling $65.60 million by Allied Corp in three installments starting 30 September 2024 and ending 30 September 2027.
“This comes as part of Qalaa’s strategy of divesting some of its non-core businesses and assets to settle the group’s outstanding debts.”
In the first half (H1) of 2023, Qalaa Holdings registered EGP 4.59 billion in consolidated net income after tax, down YoY from EGP 8.52 billion.
