Qalaa Holdings records 9-fold rise in losses in Q1 2020

The company’s revenues surged to $647mln

  

Cairo – Qalaa Holdings reported net losses of EGP 1.58 billion during the first quarter (Q1) of 2020, up by 824% year-on-year (YoY) from EGP 171.4 million, the consolidated financial statements showed.

Meanwhile, the company’s revenues surged to EGP 10.4 billion in the January-March period from EGP 3.58 billion in Q1-19, while the cost of revenues hiked to EGP 9.94 billion from EGP 3.016 billion, according to a bourse disclosure on Sunday.

As for standalone business, Qalaa Holdings incurred net losses of EGP 82.48 million in Q1-20, up from EGP 67.23 million in the year-ago period.

It is worth mentioning that during 2019, the company turned to net losses of EGP 1.525 billion, versus net profits of EGP 929.068 million in 2018, including minority shareholders’ rights.

Source: Mubasher

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