Latest news with #TAQAArabia
Zawya
16-05-2025
- Business
- Zawya
TAQA Arabia's consolidated profits up 32% YoY in Q1 2025
Egypt - TAQA Arabia reported a 32% year-on-year (YoY) increase in consolidated net profits after tax in the first quarter (Q1) of 2025, according to a filing on May 9th. The company earned net profits of EGP 136.079 million in the January-March period, compared to EGP 102.776 million over the corresponding period of 2024. Revenues grew 50% YoY to EGP 5.378 billion from EGP 3.576 billion. As for standalone financials, the company saw a 11% yearly drop in net profits after tax in Q1 2025, reaching EGP 155.162 million from EGP 174.849 million. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Asharq Al-Awsat
05-03-2025
- Business
- Asharq Al-Awsat
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.
Zawya
27-01-2025
- Business
- Zawya
Egypt: TAQA Arabia, GTEZ ink cooperation protocol for Safaga City industrial zone utilities
TAQA Arabia has signed a cooperation protocol with the Golden Triangle Economic Zone Authority (GTEZ) for the provision of essential utilities to investors in the 9.1 industrial zone in Safaga City, located within Egypt's golden triangle, as per a disclosure. The collaboration aligns with Egypt's strategy to drive development and attract both local and international investments, with a focus on sustainable development and value-added projects. Under the agreement, the two parties will work together to implement the necessary infrastructure for the industrial zone, which includes establishing electricity networks using both conventional and renewable energy sources, constructing natural gas distribution networks via the national grid or compressed natural gas solutions, and providing water for industrial and agricultural use. Additionally, they will implement sewage and industrial networks, as well as facilities for distributing petroleum products and waste management to support long-term sustainability. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
