Cairo-based energy distribution firm TAQA Arabia, run by Egyptian businessman Pakinam Kafafi, saw its sales increase by 22% year on year in the first quarter of 2024, surpassing $75 million. This strengthens the company’s position as Egypt’s top energy and utilities provider.
Driven by sustained energy demand, TAQA Arabia’s revenue increased 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 the previous year.
TAQA Arabia, Egypt’s major energy and utility supplier, serves over 1.7 million consumers and builds and operates statewide energy infrastructure. It also provides water treatment and desalination services to a varied customer.
Under Kafafi’s leadership, TAQA Arabia has deliberately grown its reach by acquiring major gas distribution companies like as BG, ENI, Edison, and AMEC. This has been critical to the company’s amazing growth trajectory.
TAQA Arabia’s earnings increased by 16 percent year on year to EGP102.77 million ($2.17 million) in Q1 2024, up from EGP88.38 million ($1.86 million) the previous year. This demonstrates the efficiency of the company’s cost-cutting efforts under the leadership of Pakinam Kafafi.
This strong Q1 performance adds to TAQA Arabia’s strong financial success in 2023. The company recorded a 3% year-on-year profit growth to EGP557.2 million ($11.75 million) in 2023, up from EGP538.6 million ($11.76 million) in 2022. Revenue in 2023 increased by 26 percent to EGP13.46 billion ($284 million) from EGP10.72 billion ($226.2 million) in 2022.