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Qalaa Holdings announces results for 3Q14

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World Cement,

Qalaa Holdings has announced its financial results for the quarter ending 30 September 2014. The group, which owns ASEC Cement, achieved revenue of EGP1726.6 million, an 11% increase q/q. In the nine months to end of September, revenue was up 34% y/y at EGP4654.1 million. EBITDA in 3Q14 came to EGP257.9 million before one-off charges, up 39% q/q.

“Our financials reflect a clear improvement in operational performance both quarter-on-quarter and year-on-year, owing to both strong management of the businesses across our core industries as well as an improving macro climate, particularly in Egypt,” said Qalaa Holdings Chairman and Founder Ahmed Heikal.

Of particular note was the improving contribution from ASEC Holding’s Algerian cement producer, Zahana Cement Co., which is one of the assets Qalaa Holdings plans to divest as part of its plan to hold only majority stakes in all of its core subsidiaries. Zahana Cement is a joint venture with the Algerian government.

“As we continue to emphasise operational performance and bring greenfields into production, our target is simple: To return to profitability in 2016 as we seize the opportunity to grow and make a lasting contribution to the economic development of our home market of Egypt,” Heikal said. “We expect to report FY14 EBITDA of some EGP600 – 650 million and will look to see that figure grow significantly in the next fiscal year. In conjunction with our efforts to return to profitability, we are diligently working to reduce debt at every level of the organisation.”

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