TAQA Arabia Reports 40% Revenue Increase in 2024
TAQA Arabia announced a 40% surge in its revenue last year, reaching 18.9 billion Egyptian pounds ($370 million) compared to 2023.
In a financial statement released Tuesday, the company described the results as 'remarkable,' despite facing significant regional and global challenges in 2024.
These challenges included notable economic volatility, inflation, rising interest rates, disruptions in global supply chains, and fluctuations in energy prices.
The company attributed the strong performance to its oil sector, which led the growth in TAQA Arabia's revenue, posting a 33.6% increase to 10.5 billion pounds, up from 7.4 billion pounds in the previous year.
This growth was driven by a 6.4% rise in fuel sales, alongside fuel price increases implemented during 2023 and 2024.
The financial report also highlighted the electricity and renewable energy sectors, which saw significant growth with a 47.7% revenue increase, reaching 3.531 billion pounds.
This growth stemmed from higher electricity prices in 2024, increased electricity sales from new photovoltaic solar projects, and higher consumption by industrial, tourism, and commercial customers in distribution projects.
Additionally, the depreciation of the Egyptian pound contributed positively to revenues.
The gas sector also reported strong growth, with revenues rising by 30.7% to 4.85 billion pounds compared to the previous year.
This growth was fueled by the expansion of compressed natural gas stations, with five new stations launched, along with price hikes in compressed natural gas in 2024.
Furthermore, the expansion of the gas distribution network in Hurghada and positive foreign currency impacts boosted regional revenues.
On its regional expansion efforts, the company said its strategy had paid off, marking key achievements such as entering the Tanzanian and Mozambican markets and establishing a joint venture in Saudi Arabia.
The company's regional gas business saw substantial growth, with revenues increasing from 109 million pounds in 2023 to 234 million pounds in 2024.
Additionally, TAQA Arabia reported notable expansion in its water energy sector in 2024, launching nine new projects with a combined capacity of 18,000 cubic meters per day. This expansion led to a 231% increase in revenues, reaching 52 million pounds.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Arabiya
06-05-2025
- Al Arabiya
Chinese fighter jets roar over Egypt in first joint exercises
The sound of Chinese fighter jets roared over the Egyptian pyramids and could echo across the Middle East, as Beijing wrapped up military drills with Cairo aimed at chipping away at US strategic influence in the volatile region. China's military on Monday released videos of its fast jets, helicopters and transport planes flying high above the Sahara and hailing inaugural joint air force exercises with Egypt as 'a signal of deepening military ties and shifting alliances.' The joint exercises with one of the United States' biggest security partners come as Washington increasingly turns inward under President Donald Trump, allowing China to deepen ties across North Africa and invest billions in security projects. 'As Egypt looks beyond its traditional US partnership, a new era of cooperation is taking flight over Cairo's skies,' said a video released by the international division of state broadcaster CCTV, as a jet plane takes off into the night. Global Times, a tabloid owned by the newspaper of the ruling Communist Party, People's Daily, said the 'Eagles of Civilization 2025' drills had established a foundation for various potential cooperation between the two countries' militaries at a time when Egypt is trying to upgrade its combat equipment, citing experts. Analysts say the 18-day drills also help Egypt assert itself as a major regional power amid growing turbulence in the region. 'It's great public diplomacy for (China), particularly in the Middle East,' said Eric Orlander, co-founder of the China-Global South Project. 'It's what brings people in the door for them to sell drones, SAMs, light arms, transports, et cetera.' 'A major regional power needs an Air Force, right?' he added. Orlander cautioned that switching jet fighter systems is very expensive, and Washington could choose to withhold financial military support from Cairo if it upped its purchases of Chinese technologies. But the United States - the primary security partner to Egypt, neighboring Israel, and Jordan since the late seventies - has made large foreign cuts under Trump that have been keenly felt across the region. And with the Gaza crisis unfolding to its north-east, ethnic violence in Sudan to the south, and political instability in Libya to its west, Egypt finds itself squeezed on three fronts. China has since pledged billions in fresh investment for projects such as satellite manufacturing facilities in Egypt capable of producing military-grade surveillance equipment. Beijing's air force said the drills represented 'a new starting point and a significant milestone in military cooperation between the two countries,' in a statement marking their conclusion.
Asharq Al-Awsat
06-05-2025
- Asharq Al-Awsat
Saudi Chambers Federation Organizes Saudi-Egyptian Business Forum
The Federation of Saudi Chambers and Egypt's General Authority for Investment and Free Zones (GAFI) on Monday held the Saudi-Egyptian Business Forum in Cairo with officials from both countries and 300 Saudi and Egyptian companies to explore prospects for partnership and economic cooperation. The forum highlighted investment opportunities and incentives in Saudi Arabia and Egypt, as well as the business environment and prospects for partnership in industry, real estate development, tourism and economic zones and free zones, the Saudi Press Agency said on Tuesday. Assistant Minister of Investment and CEO of the Saudi Investment Promotion Authority (SIPA) Ibrahim Al-Mubarak stated that the investment protection and promotion agreement between Saudi Arabia and Egypt created a reality for investment cooperation. He emphasized that Saudi Arabia will remain a leading investment partner for Egypt, noting that SIPA has granted 7,000 licenses for Egyptian investments in the Kingdom while trade between the two countries reached SAR60 billion in 2024, marking a 29 percent increase. GAFI CEO Hossam Heiba emphasized that the Egyptian government is committed to providing an attractive investment environment by continuing to achieve breakthroughs in infrastructure and implementing a series of incentive measures in fiscal, monetary and investment policies. He also highlighted support for growing incoming investments, particularly Saudi investments, which are a cornerstone of sustainable development in Egypt, noting that a special unit for Saudi investments has been established. The representative of the Saudi Ministry of Investment Hamad Al-Rasheed reviewed the Kingdom's efforts to stimulate investment by establishing special economic zones focused on cloud computing, logistics, automotive production, shipbuilding, food, mining and pharmaceuticals. He also highlighted the launch of the national initiative for global supply chains, aimed at attracting strategic supply chains to the Kingdom and securing regional and global market share in key sectors alongside the Kingdom's efforts to simplify and digitize procedures.
Asharq Al-Awsat
05-05-2025
- Asharq Al-Awsat
Egypt's Net Foreign Assets Jump in March after IMF Review Approval
Egypt's net foreign assets jumped by $4.9 billion in March, central bank data showed, apparently boosted by the approval of the fourth review of the country's IMF program. Net foreign assets climbed to the equivalent of $15.08 billion from $10.18 billion at the end of February, according to Reuters calculations based on official central bank currency exchange rates. The International Monetary Fund in early March approved the disbursement to Egypt of $1.2 billion after completing its review of the country's $8 billion economic reform program. It also approved a request for a $1.3 billion arrangement under the IMF's resilience and sustainability facility. Foreign investors were significant purchasers of Egyptian pound treasury bills after the approval and as one-year bills acquired after the March 2024 IMF agreement matured, two bankers said. Egypt had been using foreign assets, which include assets held by both the central bank and commercial banks, to help prop up its currency since as long ago as September 2021. Net foreign assets turned negative in February 2022 and only returned to positive territory in May last year. Foreign assets increased in February at both the central bank and commercial banks, while foreign liabilities rose at the central bank but declined at commercial banks.
