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VENTURES AFRICA – Citadel Capital, a leading investment company in Africa and the Middle East, has recorded a 38.3 percent drop in its net loss from last year, as a wind down of political tension gradually eases business operations.
Citadel, an Egyptian private equity firm, posted a $12.01 million loss for the Q3 compared to $19.4 million incurred last year, indicative of steady financial recovery after years of political instability slowed business activities and resulted in negative revenue turnover.
According to local news Ahram Online, the company has incurred a total loss of $180 million since 2010.
A 2012 refocus that allowed the investment firm narrow acquisitions to key industries including Energy, Transportation, Agri-food, Mining and Cement have propelled positive financial performance and increased revenue generation.
Its aggregate revenue for the Q3 hit $217.7 million, up 15.5 percent from last year, Reuters reported.
The Egyptian firm controls a $9.5 billion equity portfolio and was recently given a given the go ahead to switch to a holding company from a private equity firm after shareholders approved an additional $528 million capital increase.
Citadel’s CEO Ahmed Heikal, in October, said the company is expecting to attain profitability by 2016.