Qalaa Holdings suffers 161% loss increase in Q1

Standalone net loss posted a 23% increase

Traders work at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015.

Traders work at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015.

REUTERS/Mohamed Abd El Ghany
ArabFinance: Qalaa Holdings (CCAP) posted a 161% Year on Year increase in its consolidated net loss for Quarter one (Q1) of 2020, according to the company’s July 5thfinancial statements filed to the Egyptian Exchange.

Consolidated net loss reached EGP 405 million in Q1 2020, compared to EGP 154.6 million achieved in Q1 2019.

Standalone net loss stood at EGP 82.486 million in Q1 2020, a 23% increase from 67.231 million incurred in Q1 2019.

In early May, the company decided to maintain its full workforce and not resort to any layoffs.

"Qalaa like all businesses across the world is impacted by the repercussions of the Covid-19 pandemic," Qalaa Holdings Chairman and Founder Ahmed Heikal said.

Qalaa Holdings, formerly Citadel Capital, is an Egypt-based company engaged in the private equity investment activities. The company manages an investment portfolio that consists of 19 opportunity-specific funds, and spans 14 industrial sectors such as energy, cement manufacturing, solid waste management, real estate, mining, agricultural, glass manufacturing, transportation, and metallurgy.

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