Qalaa’s First Half 2015 Revenues Climb to 37.8%

Qalaa Holdings Founder and Chairman Dr Ahmed Heikal.

Dr. James Rwanyarare, ed the former Minister of Youth, check Culture and Community Development in the Obote II government has ruled out the possibility of President Museveni being responsible for the death of Internal Affairs Minister, visit this Gen Aronda Nyakairima.

Rwanyarare praised president Museveni as a “god man” whose NRM government he said is “so tolerant to divergent views”.

He said, unlike in the past when killing of opposition politicians by government was the order of the day, the current government believes in tolerance and forgiveness.

Dr Rwanyarare said he was among the people opposed to President Museveni’s government but has never received any threat from the state.

“President Museveni is a good man. He has no connection with the death of Aronda,” said Rwanyarare.

“There is no way such a thing can happen. The people to blame are those that handled the post-mortem. They did not explain it very well.”

Rwanyarare was addressing mourners at the memorial ceremony of Fred Kachwezi, one of the fallen founders of the Uganda People’s Congress (UPC) in Kabale during the weekend.

Gen Aronda passed away on September 12 while transiting through to Dubai from South Korea to Uganda.

Doctors said he succumbed to heart failure, a report whose authenticity was questioned by Aronda’s widow, Linda.

Rwanyarare described Aronda as a military man who was friendly, calm and non-discriminative.

The Emeritus Bishop of Kigezi diocese Rt. Rev. George Katwesigye said “everyone on earth is a candidate of death so people should be ready to die when time comes.”

Prime Minister Dr. Ruhakana Rugunda described Kachwezi as a role model in Uganda’s politics.

Dr. Rugunda said even though Kachwezi was a UPC supporter he never discriminated people who did not belong to his political party.

He described the deceased as a principled man, adding, “even when the UPC government led by Dr. Apollo Milton Obote fell he remained in his party.”

Rugunda’s message was read by Joseph Mutebile during the requiem service held at Nyabushabi Primary School playground in Muyumbu parish, Kyanamira sub-county, Kabale district.

Kachwezi succumbed to cancer of the bones at the age of 88 at Mengo Hospital in Kampala last week.

He is survived by six children and a widow.
Qalaa holdings, patient one of Egypt’s largest investment firms released its consolidated financial results for the quarter ending 30 June 2015, case reporting revenues of US$26, information pills 6521,963 million, up 33.7% compared to the same quarter last year.

On a six months basis, revenues climbed 37.8% y-o-y in 1H15 to US$5billion.EBITDA meanwhile stood at US$72,153,765 million in the first half of 2015, a 169% increase over 1H14.

According to the African leader in infrastructure and industry, revenue growth was driven by strong performance at TAQA Arabia’s fuel marketing arm, having recorded top-line y-o-y growth of 72% and 73% in 2Q15 and 1H15, respectively.

Qalaa reveals that in the cement division, ASEC Cement’s Sudan subsidiary Al-Takamol also made a strong contribution to Qalaa’s top-line growth, with the cement unit’s revenue recording 96% and 121% y-o-y growth in 2Q15 and 1H15, respectively. Together the energy and cement divisions contributed some 70% of total revenues in 2015.

On the restructuring front, the first six months of 2015 have also witnessed several developments,including ASEC Holding’s sale of its 27.5% stake in Misr Qena Cement, which resulted in a gain from sale of investment equivalent to US$ 8,556,287 million booked in 2Q15.

Proceeds from the sale were utilized to fully deleverage at ASEC Cement and partially deleverage ASEC Holding, with the balance being distributed to shareholders.

“Our exit from Misr Qena is one of several developments taking place during 2015 that play into our risk reduction strategy and our ongoing deleveraging program,” Ahmed Heikal, Chairman and Founder of Qalaa Holdings said.

“Qalaa’s ongoing restructuring efforts meanwhile continue to reflect positively on its financial performance, with significant improvements at the EBITDA level, in line with our previously announced guidance, and a continued narrowing of its bottom-line losses, which recordeda 53% y-o-y improvement in the first half of 2015,” Heikal added.

The company reported a net loss after tax and minority interest of US$10,854,991million in the second quarter of 2015, a narrowing of 55% from 2Q14 figure of EGP 188.3 million.

On a six months basis, bottom-line posted a loss ofUS$25,158,039million, a 53% improvement compared to 1H14 figure of US$53,636,427million.

According to the company, this improvement comes despite charges of US$13,153,695million in 1H15 related to discontinued operations. Of the US$13,153,695million, c.US$5,619,054million were booked in 2Q15 of which US$4,214,290million came from MENA Homes’ Designopolis, one of several assets earmarked for sale as part of the FHI transaction.

It is worthy to note that interest and depreciation due to discontinued operations are non-cash items; management accordingly estimates that c. 95% of losses from discontinued operations are non-cash.

Management reiterates its strategy for 2015 with its underlining factors being the mitigation of financial risk by significantly deleveraging at the holding and platform company levels, and limiting operational risk through the divestment of non-core and non-essential assets while focusing resources on core business and ensuring they have the funding needed to deliver on growth plans.

“Qalaa has repeatedly stressed that deleveraging is one of the company’s key strategic goals for 2015 and onward,” said Qalaa Co-Founder and Managing Director Hisham El-Khazindar.

“We remain on track with our divestment program,  proceeds from which will be utilized in reducing total consolidated debt from the current US$1billion excluding debt associated with Africa Railways and greenfield megaproject ERC — to around US$6.3billion by the end of FY15,” he added.

Qalaa Co-Founder said, “We have cut bank debt by c.US$46,612,609 million, as proceeds from our exit from Misr Qena were directed toward deleveraging at ASEC Cemen. This will be reflected in our 3Q15 financials. Moreover, our agreement with FHI, which we expect to close by December 2015, will result in a further c.US$1billion reduction in Qalaa’s consolidated debt and further delivers on our strategy of reducing both financial and operational risk.”


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