Qalaa Holdings' loss widens

Qalaa Holdings (CCAP) reported a 102% Year on Year rise in its consolidated net loss in the first nine months

  
Traders work at the Egyptian stock exchange in Cairo, Egypt February 13, 2018.

Traders work at the Egyptian stock exchange in Cairo, Egypt February 13, 2018.

REUTERS/Amr Abdallah Dalsh
ArabFinance: Qalaa Holdings (CCAP) reported a 102% Year on Year rise in its consolidated net loss in the first nine months of 2020, according to the company’s financial statements filed to the Egyptian Exchange.

Consolidated net loss before minority interest stood at EGP 1.561 billion in the January-September 2020, compared to EGP 774.430 million incurred in the prior-year period.

Standalone net loss reached EGP 345.848 million in January-September 2020, a 57% rise from EGP 219.946 million suffered in the corresponding period a year earlier.

In September, President Abdel Fattah el Sisi earlier inaugurated the petrochemical complex of Qalaa's subsidiary Egyptian Refining Company (ERC) in Mostorod, Al Qalyubia Governorate.

Qalaa Holdings, formerly Citadel Capital, is an Egypt-based company engaged in 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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