The Egyptian Refining Company pays 50 million loan installments and interest amounting to 99 million dollars

Hisham El-Khazindar, co-founder and managing director of Citadel Capital, said that Egyptian Refining has managed to pay off $ 50.1 million in loan installments since its project was launched, and $ 99.3 million in interest during 2021.

He pointed out that Qalaa still puts the restructuring of its debt and the debt of the Egyptian Refining Company at the top of its priorities.

Al-Khazindar added that the Egyptian Refining Company achieved strong results thanks to the recovery of refined petroleum product prices and the growth of the refining profit margin, which led to the recording of operating profits before deduction of tax, interest, depreciation and amortization which is approximately 2,3 . billion during the year 2021, compared to operating losses of 141.4 million pounds during the previous year.

TAQA Arabia continued to take advantage of the growing demand for clean energy by expanding its compressed natural filling stations and improving its position in the solar and renewable energy market, while Dina Farms managed to position itself as a leader to establish company in the field of food and agriculture. production, which benefits from the comprehensive operational improvements that have been put in place.The great potential unique to the agricultural and food industry sectors in Egypt is emphasized.

In addition, Ascom and National Printing Company continued to take advantage of low local costs and an increase in the volume of exports, reflecting the positive impact of developing companies with large local production capabilities that conform to international standards.

Al-Khazindar explained that the company’s performance during 2021 is a testament to the strength of Citadel Capital and its ability to develop its business model to become more robust and solid amid several operational challenges and the lack of clarity in the current scene. The management is also looking forward to continuing to adapt to various economic changes and to grow the business of its subsidiaries’ portfolio in all the markets in which they operate.

The Egyptian Refining Company has borrowed about $ 1.7 billion to be used to fund the project to establish the refinery to be built in the Mostorod industrial zone.

Since 2019, the Egyptian government has paid about $ 250 million of the loan value, in addition to $ 100 million in interest on the loan.

With the support of “Taqa Arabia and the Egyptian Refining Company” revenue, the castle will record £ 45 billion in revenue during 2021

Citadel Capital announced its consolidated financial results for the past year 2021, reducing its losses to a record 2.3 billion pounds, compared to net losses of 2.5 billion pounds during 2020, supported by the growth of consolidated revenue, which 45, 8 billion pounds, with a change rate of 27%.

The Egyptian Refining Company was one of the main drivers of consolidated revenue growth, contributing 62% to the castle’s total revenue.

She explained that in the event that the results of the Egyptian Refining Company are excluded, the consolidated income of the castle will increase at an annual rate of 20% to 17.3 billion pounds during 2021, and recurring operating profit before tax deduction, interest, depreciation and amortization will increase at an annual rate of 13% to £ 1.8 billion during the same period.

The revenue of the Arab Taqa company increased at an annual rate of 15% to £ 9.1 billion during 2021, supported by the state of recovery in the markets as it managed to accelerate the rate of electricity distribution and expansion of the network of compressed natural filling stations, in addition to increasing fuel and lubricant revenues in the petroleum products marketing and distribution sector. .

The National Printing Company’s revenue increased by 46%, thanks to the positive returns from the operation of Al-Badar Packaging Company’s new plant early in the year, in addition to the growth in the volume of export sales at Uniboard and the success of its strategy. to improve price efficiency.

The income of our farms increased by 17% annually to a record 835.0 million pounds, in view of the improvement in the performance of all operating sectors and the continuation of the positive return on the continuous improvements made by the administration is applied.

Ascom’s revenue increased at an annual rate of 14%, driven by higher sales prices and growth in export sales for the carbonate and chemicals company Ascom during the same period.

Recurring operating profit before tax, interest, depreciation and amortization increased to £ 4.1 billion, a rate of 178%.

Ahmed Heikal: The Citadel’s flexibility and adaptation to economic change proves the Citadel’s growth strategy correct

Ahmed Heikal, founder and chairman of Citadel Capital, expressed his pride in the strong growth in Citadel Capital’s revenue during 2021, reflecting the flexibility and efficiency of the group to adapt to ongoing economic changes and respond to its requirements, as the company has managed to increase consolidated revenue at an annual rate of 27% amid a lack of a clear view of the current scene and its impact on operating activities, which confirms the reliability of the growth and investment strategies accepted by management, and the positive impact of plans to improve operational efficiency on the results of the various subsidiaries.

Heikal added that with the current year approaching its middle, the portfolio of Citadel’s subsidiaries has become more ready and able to adapt to the transformations taking place in the global economy and the constant changes in various operating environments.

Point out that with the entry into this new phase, global inflationary pressures have increased significantly, and the administration expects this pressure to continue for long periods, prompting central banks around the world to limit monetary and financing easing by raising interest rates significantly after they have stabilized at their lowest levels in recent years.

Heikal reaffirmed its confidence in the castle’s ability to overcome the challenges mentioned, especially with the shift in price power to producing companies in all economic sectors and the increase in encouragement to local producers, noting that management expects to benefit draws from subsidiaries that are mainly dependent on local production resources and inputs or exports a large part of its production, a strong competitive advantage during the current and future stage.

Heikal added that management is renewing its commitment to move forward with the implementation of growth strategies at the level of all subsidiaries and to focus on injecting additional investment into the development of its business, in parallel with the continuation of the study and evaluation. of attractive sourcing opportunities in the sectors in which the group companies operate.

He explained that the administration intends to increase the focus on expanding the work of an Arab energy company in the field of renewable energy, supported by the growing global interest in climate change issues, knowing that these issues are facing and the transition to relying on renewable energy. will not happen fast and will require going through long stages of improving the current efficiency of fossil fuels and then transformation After using natural gas before it can rely mainly on solar energy and other renewable energy sources, and note that Arab energy ready is to take advantage of these phases.

Heikal pointed to the administration’s expectations that the coming period would experience supply confusion due to political changes, and therefore the administration reiterated its confidence in the castle’s ability to confront and overcome this pressure, especially with the continued progress of the Egyptian economy on its current healthy path, which characterizes expansion in the capabilities of local manufacturing and production, agricultural and service sectors.

He added that the next phase will see increased government encouragement and support for the private sector in Egypt, knowing that Qalaa is ready to take advantage of that support and continue its role as a leading local company in industrial and infrastructure investments.

Heikal indicated that refining revenues and profit margins continued to improve in the Egyptian Refining Company project during the first and second quarters of 2022.

Heikal also stressed that Qalaa recorded provisions and impairment costs while preparing the consolidated financial statements for the year 2021, in line with the auditors’ opinion, but management believes that these provisions and impairment costs do not meet the performance expectations of the subsidiaries in the future.

He also explained that the true value of Citadel Capital’s assets is not accurately reflected in the financial statements due to the adoption of international accounting standards that record assets at their historical value and then only calculate the impact of impairment costs without including the assets. to revalue their high value.

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