Qalaa Holdings – formerly Citadel Capital – has reported its financial results for 1Q14 ending 31 March. This is the group’s first full set of consolidated financials since its transformation into an investment company. Qalaa Holdings’ capital increase to EGP8 billion allowed the group to take majority stakes in most of its subsidiaries in core industries including energy, cement, agrifoods, transportation and logistics & mining. This means that the consolidated financial statements are prepared using a full consolidation method instead of the equity method used previously. Accordingly, Qalaa Holdings reports a 14% y/y rise in 1Q14 revenues to EGP1366.9 million. Gross profit was up 46% at EGP238.1 million while EBITDA was EGP29 million against a negative EGP125.9 million in 1Q13. Net losses widened to EGP231.9 million, attributed to increased charges related to discontinued operations at portfolio companies and certain non-core companies.
“The release of our first consolidated financials post the asset purchases made possible by our share issuance is a key milestone in our transformation into an investment company,” said Qalaa Holdings Chairman and Founder Ahmed Heikal. “Most of our highest-profile companies made very good progress in the first quarter and we expect similarly strong performances in the second quarter, particularly from energy division standout TAQA Arabia and cement division units ASEC Minya and Misr Qena Cement.”
Qalaa Holdings’ full financial results can be viewed here.
Adapted from press release by Katherine Guenioui
Read the article online at: https://www.worldcement.com/africa-middle-east/18082014/qalaa-holdings-reports-1q14-results-309/