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Qalaa H1 revenues increase 33% to EGP2.9bln

Qalaa H1 revenues increase 33% to EGP2.9bln
Qalaa Holding
CCAP
0.00% 2.71 0.00
Qalaa Holdings (formerly Citadel Capital) reported a 14% q/q increase in revenues to EGP 1560.7 million and a six-fold increase in EBITDA to EGP 181.2 million in Q2-14.
Notably, Q2-14 is also the first quarter the company has reported a positive EBIT figure at EGP 61.8 million, while its Net Loss After Minority Interest narrowed from EGP 231.9 million in Q1-14 to EGP 178.7 million in Q2-14.
Meanwhile, results for H1-14 show revenues of EGP 2,927.5 million, up 33% compared with the pro-forma results of the same period last year. Top contributors to revenues include cement (41%) and energy (26%) on the back of standout performances from units of ASEC Cement as well as TAQA Arabia. In the agrifoods division, Dina Farms and sister companies ICDP (fresh milk) and ACST (retail) also turned in strong financial and operational results, according to the company’s release.
Qalaa posted on Tuesday its consolidate financial statements for H1 that ended on June 30, 2014, showing that net loss widened 238% to EGP 587.7 million, from EGP 173.7 million in the same period a year earlier.
Meanwhile, standalone financial statements for the same period mirrored EGP 17.5 million net loss, compared with EGP 8.9 million in H1-13. Qalaa has been logging successive losses since 2010 due to political and economic instability in the region. However, it began to trim losses.
Earlier in October, Qalaa’s founder and chairman Ahmed Heikal told Reuters he expected his company to turn profitable before 2016.