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Citadel Capital of Egypt Third-Quarter Loss Narrows

Citadel Capital SAE, an Egyptian private equity firm with $4 billion of assets under management, posted a narrower loss in the third quarter from the previous quarter on the start of “multiple greenfield projects.”

Citadel’s net loss narrowed to 29.6 million Egyptian pounds ($5.1 million) from 94.8 million pounds in the second quarter, the Cairo-based company said in an e-mailed statement today. The company did not provide a figure for last year’s third quarter.

“With the start of operations at six greenfields so far this year, $2.6 billion in debt signed for the Egyptian Refining Co. and strong operational performance at other platforms, our execution risk continues to fall,” Ahmed Heikal, Citadel Capital’s chairman and founder, said in the statement.

The company also said it has finished a turnaround of Aresco, a unit of Asec Holding. Citadel has raised $265.4 million in new equity in the year to date.

Citadel shares declined 0.5 percent to 7.77 pounds at 11:46 a.m. in Cairo, valuing the company at 5.14 billion pounds.

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