Another set of quarterly results, another ‘going concern’ warning for Egyptian conglomerate Qalaa Holdings and its key Egypt Refining Company (ERC) subsidiary.

The cover note auditors PWC attached to Qalaa’s Q2 report, released 9 September, emphasizes Qalaa’s E£3.2bn ($206mn) net loss for 1H 2021, that several of the group’s subsidiaries are in default on loan repayments, and that as of 30 June Qalaa’s “current liabilities exceeded its current assets by E£54.9bn [$3.50bn; up from $1.46bn a year earlier] and it had accumulated losses of E£20.9bn [$1.33bn]” (CONTINUED - 841 WORDS)