Egyptian executive Pakinam Kafafi leads TAQA Arabia to 26-percent profit surge

Oluwatosin Racheal Alabi -

Key Points:

  • TAQA Arabia’s net profit surged 26 percent in H1 2024, reaching EGP 211.32 million ($6.85 million).
  • Revenue grew by 26 percent YoY to EGP 7.79 billion ($252.99 million), demonstrating strong operational performance.
  • Standalone net profit after tax increased by 80 percent YoY to EGP 186.03 million ($6.03 million), showcasing the company’s independent growth.

Cairo-based energy distribution giant TAQA Arabia, led by Egyptian executive Pakinam Kafafi, saw a 26-percent increase in profit, totaling EGP 211.32 million ($6.85 million) for the first half (H1) of 2024, compared to EGP 167.27 million ($5.42 million) during the same period in 2023.

Revenue growth and profit expansion

TAQA Arabia’s financial performance during the first half of 2024 highlights its stellar revenue growth and profit expansion. The company’s revenues reached EGP 7.79 billion ($252.99 million) in H1 2024, calculating a 26 percent year-on-year (YoY) increase from the EGP 6.15 billion ($199.71 million) recorded in H1 2023.

The basic earnings per share (EPS) also saw a notable increase, rising to EGP 0.15 ($0.0049) by the end of June 2024, up from EGP 0.12 ($0.0039) in the corresponding period of the previous year. This improvement in EPS reflects the company’s enhanced profitability and its ability to generate higher returns for shareholders.

Standalone performance

The standalone net profit after tax soared by 80 percent YoY, reaching EGP 186.03 million ($6.03 million) in the first six months (6M) of 2024, up from EGP 103.29 million ($3.35 million) in H1 2023. This substantial increase showcases the company’s success in its independent operations and its ability to capitalize on opportunities within the energy sector.

Standalone revenues also experienced a growth by 4 percent to EGP 207.30 million ($6.72 million) in H1 2024, compared to EGP 198.80 million ($6.45 million) in the same period of the previous year. Furthermore, the standalone EPS nearly doubled, rising to EGP 0.13 ($0.0042) from EGP 0.07 ($0.0023), further highlighting the company’s financial strength.

Q1 2024 performance

As of March 31, 2024, TAQA Arabia’s consolidated net profits after tax had already reached EGP 102.77 million ($3.33 million), representing an annual growth of 16 percent from EGP 88.38 million ($2.87 million) in Q1 2023. This early success set the stage for the stellar performance seen throughout the first half of the year.

Under Pakinam Kafafi’s leadership, TAQA Arabia continues to thrive, achieving significant financial milestones and solidifying its position as a leader in the Egyptian energy sector.