Qalaa Holdings marked loss of LE 5.9B in 2017



Tue, 15 May 2018 - 10:24 GMT


Tue, 15 May 2018 - 10:24 GMT

Egyptian currency - Reuters

Egyptian currency - Reuters

CAIRO – 15 May 2018: Qalaa Holdings recorded a consolidated loss of LE 5.9 billion in 2017, compared to 5.6 billion in 2016, according to a filing to the Egyptian Exchange (EGX).

The financial indicators showed that the revenues jumped LE 9.28 billion during last year, compared to LE 7.6 billion in the previous year, with an increase of 22 percent.

On a quarterly basis, the company announced that its revenues increased 2 percent y-o-y to LE 2.5 billion in the fourth quarter of 2017.

It added that it recorded a net loss of LE 1.3 billion in Q4 2017, due to impairments and interest expenses weighed down on Qalaa’s bottom-line.

As per standalone results, the company’s loss declined 77 percent, to LE 452.3 million, compared to a loss of LE 2.003 billion in 2016.

“Qalaa’s full-year results reflect the ongoing transformation across our portfolio companies, with several platforms gearing-up for a new growth phase,” Qalaa Holdings Chairman and Founder Ahmed Heikal said.

“Solid operational performance saw us deliver a 22 percent increase in our top-line to LE 9.3 billion as energy, mining, cement and transportation continued to capitalize on the prevailing economic trends and turn new market dynamics into growth opportunities and avenues to create shareholder value,” he added.

Heikal announced that Qalaa has reached a restructuring agreement for the Egyptian Refining Company with all stakeholders, including lenders, co-shareholders, and contractors to ensure timely project completion.

He said that Qalaa is currently exploring options to potentially increase its indirect ownership stake in this mega project, which will not only transform the company but is also a strategic asset for the Egyptian economy.

Qalaa Holdings is a listed company on Egyptian Exchange (EGX) since December 2009. It operates within the diversified financial sector, focusing on asset management and custody banks.



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