Qalaa Holdings moves to losses in 2019

The standalone financial statements of Qalaa Holdings showed a 52% year-on-year (YoY) rise in its net losses during 2019.

  
A trader works at the Egyptian stock exchange in Cairo. Image for illustrative purposes.

A trader works at the Egyptian stock exchange in Cairo. Image for illustrative purposes.

REUTERS/Mohamed Abd El Ghany
Cairo – Mubasher: Qalaa Holdings announced turning to losses during 2019, the consolidated financial statements showed.

The company incurred net losses of EGP 1.525 billion last year, versus net profits of EGP 929.068 million, including minority shareholders’ rights, according to a bourse disclosure on Monday.

Meanwhile, the company’s revenues grew to EGP 14.916 billion from EGP 13.382 billion in 2018, while the cost of revenues increased to EGP 12.789 billion last year from EGP 11.359 billion.

The standalone financial statements of Qalaa Holdings showed a 52% year-on-year (YoY) rise in its net losses during 2019.

The company suffered net losses of EGP 334.2 million last year, up from EGP 219.54 million in 2018, while the operating losses rose to EGP 354 million in 2019 from EGP 89.67 million in the prior year.

It is noteworthy to mention that in the January-September period of 2019, Qalaa Holdings suffered net losses of EGP 901.23 million, against net profits of EGP 106.44 million in the corresponding period of 2018, including minority shareholders’ rights.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From North Africa