(Photo Courtesy of Citadel Capital)
Citadel Capital, a leading investment company in Middle East and Africa, has disclosed its third quarter business review, reporting a narrowing of its consolidated net loss to EGP 82.7m, a 38.3% improvement from the same period last year, according to a statement from Citadel Capital.
The company said that the economic impact of the 30 June protests has affected quarterly results, including challenges to production and logistics resulting from the curfew in effect during August and September.
The sharp reduction in “consolidated net loss,” was primarily the result of the firm’s continuing emphasis on cost control and operational improvement in its core and non-core investments, the company said.
Total aggregate revenue at operational core and non-core companies was EGP 1.5bn in Q3, representing a 15.5% increase from the corresponding period last year.
Founder and Chairman of Citadel Capital, Ahmed Heikal, was quoted in the statement as saying that “the company is looking forward to completing early in the new year their ongoing EGP 3.64bn of shares issuance, which we will use to obtain majority control of most of our core platform companies as we transform into an investment company,” he said.
Citadel Capital controls $9.5bn in equity, and has suffered losses in the past two years due to general economic instability in the Middle East.
