Qalaa delivers on its FY15 strategy and divestment program

Qalaa Holdings has released its consolidated financial results for the for the year ending 31 December 2015, reporting a net loss after minority interest of EGP 1155.4 million on adjusted revenues of EGP 8214.6 million. Qalaa’s statutory revenues booked on the company’s consolidated income statement in FY2015 came in at EGP 6638.9 million (excluding contributions from sold assets during 2015). Contributors to Revenues (adjusted) on a full-year basis were weighted toward the cement (38% of total revenues) and energy segments (31%).

Results were weighed down by EGP 687 million in non-cash charges from impairments & write-downs booked in 4Q15 as part of the ongoing program to focus on the company’s selected subsidiaries in energy and infrastructure. These charges contributed significantly to a net loss of EGP 833 million in 4Q15 against revenues in the quarter of EGP 2129.1 million. Additionally, provisions booked in FY15 stood at EGP 171.4 million, while losses from discontinued operations came in at EGP 220 million. Setting aside the impact of these non-cash charges, Qalaa’s net loss for the full year would have narrowed substantially to approximately EGP 77 million.

Adjusted EBITDA for the period stood at EGP 847.1 million, up 30% from EGP 652 million the previous year. Meanwhile, EBITDA in 4Q15 stood at EGP 67.5 million, a substantial decline from the same period last year owing to missing EBITDA contributions from the divested assets as well as additional charges related to non-recurring SG&A expenses stemming from advisory and legal fees for transactions concluded during the final quarter of the year. Below the EBITDA line, results were negatively affected by higher FX losses in 4Q15.

Edited from source by Joseph Green. Source: Qalaa Holdings

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