TAQA Arabia’s consolidated profits up 3% YoY in 2023

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TAQA Arabia reported a 3% year-on-year (YoY) increase in consolidated net profits after tax in 2023, according to the financial statement filed to the Egyptian Exchange (EGX) on February 28th.

The company recorded a net profit after tax of EGP 557.208 million in the January-December period, compared to EGP 538.606 million in 2022.

Revenues grew to EGP 13.463 billion in the 12-month period ended September 30th from EGP 10.727 billion in the year-ago period.

In terms of standalone business, net profits after tax recorded EGP 186.751 million, down 5% YoY from EGP 196.754 million in 2022.

Established in 2006 and is the largest private sector company in the field of energy distribution in Egypt, as the company has more than 20 years of experience in investing and operating infrastructure networks for the energy sector, from natural gas distribution to generation and distribution of electric power and marketing of petroleum products. An Arab energy company provides its services through five subsidiaries, which are the gas sector, the electricity sector, the petroleum products marketing and distribution sector, the solar energy sector, and the water sector.