Qalaa Holdings released its 1Q18 financial results, with net loss narrowing to EGP187mn (vs. EGP402mn loss in 1Q17). Operationally, top-line witnessed a sizable improvement to reach EGP3.1bn from EGP2.1bn in 1Q17, while EBITDA reached EGP324mn vs. EGP175mn in 1Q17. Qalaa’s improvement was mainly attributable to: i) the energy sector, which continued to be the largest revenue contributor (42% of revenues) – the growth was driven by strong top-line gains by Sudan’s Al-Takamol Cement; ii) followed by the cement sector, which contributed by 24% of revenues; and iii) the Grandview consolidation, which contributed with EGP520.5mn to top-line growth in 1Q18. Qalaa also announced: i) that it is exploring options to increase its ownership of its flagship USD4bn project ERC (Egyptian Refining Company); and ii) that it completed the sale of Bonyan for Development and Trade (Designopolis) for net equity proceeds of EGP162mn.