Egypt’s Qalaa Attains EGP1.6bn Revenues in Q2

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Egypt’s Qalaa Holdings (CCAP,formerly Citadel Capital) (CCAP.CA on EGX) attained EGP1.56 billion revenues within the second quarter of 2014 , with 58% annual growth rate, operating profits before taxes and interests reached to EGP181.2 million, according to Qalaa’s financial statements.

The statements said Qalaa’s operating losses were EGP15.6 million in the second quarter of last year, with 6 double growth rates in compared to the first quarter of the current year in which involves EGP29 million operating profits worth EGP29 million, Q2 witnessed registering EGP61.8 million profits before taxes and interests.

The Company’s consolidated 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.

Qalaa’s founder and Chairman Ahmed Heikal told  that he expected his company to turn profitable before 2016.

The company said its net loss for the first six months of the year had widened to 410.6 million Egyptian pounds ($57.43 million) “primarily on the back of non-operational factors including increases in amortization, interest expenses and foreign exchange losses”.

Qalaa, an investment firm focused on infrastructure and industry in Africa and the Middle East, also said its revenue during the period grew 33 percent to 2.9 billion pounds.