Citadel Capital’s net loss shrinks by 54.5%
Ahmed Hikal, head of Citadel Capital - YOUM7/Sami Waheeb

CAIRO: The net loss of leading Investment Company in Africa and the Middle Citadel Capital (CCAP) shrank by 54.5 percent in the fourth quarter in 2013 to 128.5 million EGP ($18.7 million), compared with 384.9 million EGP ($ 54.12 million) in 2012, the company announced Sunday.

The company assets witnessed five-fold rise to record 30 billion EGP ($ 4.22 billion) due to “the firm’s ongoing transformation into an investment company that holds majority stakes in most of its subsidiaries in five core industries: energy, transportation, agrifoods, mining, and cement.” The revenues went up 5.7 percent after recording 6.5 billion EGP ($ 0.91 billion) in the fiscal year of 2013, according to the company’s consolidated financial results for the fourth quarter and full year of 2013.

Regarding the Q4 of 2013, the revenues surged 13.9 percent to 1.7 billion EGP ($240 million,) the resulted showed.  The CCA’s earnings before interest, taxes, depreciation, and amortization (EBITDA) rose up 345.3 percent to EGP 219.9 million ($ 30.92 million,) its highest level in the past eight quarters.

The company will sell all non-core subsidiaries; on May 13, the company announced it received an offer to sell 100 percent of Sphinx Glass shares for $112 million. In April, CCA also announced that it will establish the Citadel Company for Energy in Egypt after selling 66.1 percent stake of Sudanese Egyptian Bank for $22 million.

The firm’s paid-in capital rose to 8 billion EGP ($1.12 billion.) “Full subscription to the 3.64 billion EGP capital increase allowed Citadel Capital to take majority stakes in most of its subsidiaries in five core industries,” the statement read.

The company’s acquisitions positively impacted the total assets to reach EGP 30 billion ($ 4.22 billion) in 2013, compared with 5.8 billion EGP in 2012.

Additional reporting to Yasmine Samra.

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