Qalaa Holdings, an energy and infrastructure company listed on EGX as CCAP.CA, witnessed a climb in revenues to EGP 3.5 billion, an 8 percent bump yea-on-year.

According to its consolidated financial results for the quarter that ended on 30 June 2019, Qalaa Holdings saw revenues grow by 11 percent YoY to reach EGP 6.9 billion in the first half of 2019.

The growth was driven by solid top-line performance at TAQA Arabia, including rapidly growing gas and power distribution volumes, rising CNG demand and a steady ramp-up of utilisation rates at TAQA Solar’s power plant in Benban, Aswan. This has seen TAQA Arabia deliver revenue growth of 33 percent YoY in the second quarter of 2019.

“At TAQA Arabia, the company has entered a new growth phase driven by increased demand for grid-connected natural gas distribution as well as its expansion into renewable energy; growth avenues at the core of Egypt’s energy policies. The successful launch of TAQA Solar’s Benban Plant is already making strong contributions to consolidated revenue and earnings before interest, tax, depreciation and amortisation (EBITDA), and we continue to expand TAQA Gas’ operations with negotiations to connect a number of new cities within our concession zone," said Qalaa Holdings chairman and founder Ahmed Heikal.

"Elsewhere, we continue to make impressive inroads into the growing market for compressed natural gas (CNG). Following the start of operations at TAQA Solar in February 2019, the renewable energy arm has booked revenues of EGP 66 million and an EBITDA of EGP 60 million in its five months of operation through to June 2019," Heikal said.