Cairo-based energy distribution giant TAQA Arabia, led by Egyptian executive Pakinam Kafafi, saw its revenue surge 22 percent year-on-year in the first quarter of 2024, exceeding $75 million. This reinforces the company’s position as Egypt’s leading energy and utility provider.
Driven by sustained energy demand, TAQA Arabia’s revenue climbed to EGP3.57 billion ($75.3 million) in the first three months of 2024, up from EGP2.93 billion ($61.8 million) in the same period last year.
TAQA Arabia: Egypt’s energy giant
As Egypt’s leading energy and utility provider, TAQA Arabia caters to the daily energy needs of more than 1.7 million customers and specializes in building and operating nationwide energy infrastructure. Additionally, it offers water treatment and desalination services to a diverse clientele.
Under Kafafi’s leadership, TAQA Arabia has strategically expanded its footprint through acquisitions, integrating prominent gas distribution firms like BG, ENI, Edison, and AMEC. This has been instrumental in the company’s remarkable growth trajectory.
TAQA Arabia’s Q1 profit up 16 percent
Reflecting the revenue increase, TAQA Arabia’s profit rose 16 percent year-on-year to EGP102.77 million ($2.17 million) in Q1 2024, from EGP88.38 million ($1.86 million) a year prior. This highlights the effectiveness of the company’s cost management strategies under the leadership of Pakinam Kafafi.
This robust Q1 performance builds on TAQA Arabia’s resilient financial results in 2023. The company reported a three-percent year-on-year profit increase to EGP557.2 million ($11.75 million) in 2023, compared to EGP538.6 million ($11.76 million) in 2022. Revenue in 2023 grew 26 percent to EGP13.46 billion ($284 million) from EGP10.72 billion ($226.2 million) in 2022.
