Cairo – Mubasher: Qalaa Holdings’ revenue is likely to exceed EGP 90 billion in 2020 once its Egyptian Refining Company (ERC) starts operation in the third quarter of this year, the company’s chairman told Reuters.
The Egyptian investment firm, formerly known as Citadel Capital, is expected to generate revenue ranging from EGP 50 billion to EGP 55 billion from the ERC, Ahmed Heikal revealed.
The refinery is projected to produce 2.4 million tonnes of diesel per year, which represents around 17% of Egypt’s total production, Heikal said.
In 2018, Qalaa Holdings posted a net profit of EGP 298.42 million, against incurring a net loss of EGP 4.13 billion a year ago.
