Qalaa Holdings [CCAP.CA] has just reported its 1Q17 financial results, showing losses of EGP383.5mn vs. losses of EGP281.7mn in 1Q16. The company highlighted that its discontinued operations of its subsidiaries Africa Railways and Designopolis had weighed down on the results significantly and amounted to a loss of EGP225.6mn. Revenue came in at EGP2.115bn (+22% Y-o-Y) and growth was driven mainly by i)  +42% Y-o-Y increase in TAQA Arabia revenues on higher fuel prices and government-set margins; ii) 51% Y-o-Y increase in ASCOM revenues, given it has been passing on the increase in prices of its quarrying services; and iii) +178% Y-o-Y spike in Tawazon biomess and RDF’s sales due to high demand post the partial lifting of energy subsidies. Qalaa also reported an improvement in its EBITDA, which came in at EGP165.7mn (+16% Y-o-Y) and was supported by strong performance of the energy and mining subsidiaries, while partially weighed down by a slowdown at ASEC holding.