Qalaa holdings has announced their consolidated financial results for the year ending 31 December 2017 reporting increased revenues for Ugx 1,928 billion, up by 22% on the back of growth from energy subsidiaries TAQA Arabia and Tawazon, as well as ASCOM, its operational platform in the Mining sector. Qalaa booked a net loss of Ugx 974 billion in FY2017, driven primarily by Ugx 891 billion in impairments booked during the year, which management expects to be the final round of significant impairments, as well as by Ugx 89 billion in losses from discontinued operations.
Qalaa’s full year results reflect the ongoing transformation across our portfolio companies, with several platforms gearing-up for a new growth phase,” said Qalaa Holdings Chairman and Founder Ahmed Heikal. “Solid operational performance saw us deliver a 22% increase in our top-line to Ugx 1,928 billion as energy, mining, cement and transportation plays continued to capitalize on the prevailing economic trends and turn new market dynamics into growth opportunities and avenues to create shareholder value.”
Qalaa recorded substantial growth at the EBITDA level to reach Ugx 159 billion in FY17, up 56% y-o-y, with growth being driven by Qalaa’s mining, cement and agrifoods sectors. Meanwhile, major impairments during FY17 included Ugx 664 billion booked for Africa Railways (RVR), which also added Ugx 46 billion in losses million from discontinued operations. Management expects this to be the final round of significant impairments.
On a quarterly basis, revenues grew by 2% y-o-y to Ugx 519 billion in 4Q17 while impairments and interest expenses weighed down on Qalaa’s bottom-line, resulting in a net loss of Ugx 269 billion in 4Q17.
