Pakinam Kafafi, Egyptian executive, leads TAQA Arabia to $370 million in revenue for 2024

Key Points

• The company’s revenue surged to EGP18.9 billion ($373 million) in 2024, driven by rising energy demand and strategic expansions across Egypt.
• TAQA Arabia strengthens its market position through acquisitions and a $3.4 billion green ammonia project with Voltalia near Ain Sokhna port.
• Partnering with DiDi Egypt, TAQA’s Master Gas unit promotes CNG adoption, offering cost-effective conversion solutions to cut emissions and fuel costs.

TAQA Arabia, the Cairo-based energy distribution giant led by Egyptian executive Pakinam Kafafi, wrapped up its 2024 fiscal year with a strong financial performance, as revenue surged past $370 million. The company’s growth was driven by increasing energy demand and strategic expansion efforts, reinforcing its position as a key player in Egypt’s energy sector.

TAQA Arabia’s revenue surges 40 percent in 2024

According to its financial statement, TAQA Arabia’s revenue climbed 40 percent, rising from EGP13.46 billion ($265.5 million) in 2023 to EGP18.9 billion ($373 million) in 2024. This was fueled by growing demand for energy and the company’s role as a leading provider of energy and utility services across the country. With expertise in building, operating, and maintaining energy infrastructure, TAQA Arabia continues to play a crucial role in Egypt’s energy landscape.

The company’s revenue growth also led to higher profits, with earnings increasing from EGP641.5 million ($12.65 million) to EGP790 million ($15.6 million). Basic and diluted earnings per share (EPS) improved as well, rising from EGP0.41 ($0.008) in 2023 to EGP0.51 ($0.01) in 2024, according to its consolidated income statement.

Pakinam Kafafi leads TAQA’s bold expansion

Serving over 1.7 million individuals and businesses across Egypt, TAQA Arabia continues to expand beyond energy distribution. The company also provides essential water treatment and desalination services, further strengthening its presence in the utilities sector.

Under Pakinam Kafafi’s leadership, TAQA Arabia has aggressively expanded its market presence through strategic acquisitions. It has integrated several major gas distribution firms, including BG, ENI, Edison, and AMEC, enhancing its competitive edge in Egypt’s energy market.

As part of its growth strategy, the company is making significant investments in renewable energy. In partnership with the Egyptian government and Voltalia, TAQA Arabia launched a $3.4 billion green ammonia project near Ain Sokhna port. The facility, powered by 1.3 GW of solar and wind energy, will produce over 350,000 tonnes of hydrogen per phase annually. 

TAQA Arabia backs cleaner transportation in Egypt

Beyond this, TAQA Arabia is also pushing for cleaner energy in transportation. In February, it partnered with ride-hailing platform DiDi Egypt to make compressed natural gas (CNG) more accessible and cost-effective for drivers.

Through its subsidiary, Master Gas, the company will offer affordable conversion solutions, financial incentives, and flexible installment plans for drivers looking to switch to CNG. The partnership aligns with Egypt’s broader push to cut fuel costs and reduce carbon emissions, making cleaner energy solutions more practical for everyday use.

With strong financial growth, strategic acquisitions, and a commitment to sustainability, TAQA Arabia is reinforcing its position as a leading force in Egypt’s evolving energy sector.