Ratio Magazine :: The Inside Track to East Africa’s Economies - Press Releases: Citadel Capital Announce Financial Results for Q2 2010

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Press Releases: Citadel Capital Announce Financial Results for Q2 2010

Tuesday, 24 August 2010

Citadel Capital (CCAP.CA on the Egyptian Stock Exchange), the leading private equity firm in Africa and the Middle East, announced today its standalone financial results for the second quarter of 2010. The firm reported the start of operations at four greenfield projects as well as a 1.7% rise in portfolio net asset value (PNAV) and a 12.5% rise in asset management value (AMV), the combined effect of which was a 5.3% rise in total net asset value per share (TNAVPS) of Citadel Capital as at 30 June 2010.

“The second quarter of 2010 was about delivering on our promises to investors,” said Chairman and Founder Ahmed Heikal. “In our last business review, we pledged to fine-tune our balance sheet by recovering loans that we had extended to Platform Companies to bridge LP delays in answering capital calls. We also set targets to close the debt package for the Egyptian refining company, to deliver four more greenfield projects and to achieve first close on the MENA and Africa Joint Investment Funds. We have delivered on all fronts.”

With no exits in the second quarter, the firm reported net income of USD0.05m (EGP0.3m) on revenues of USD6.8m (EGP38.5m) on a standalone basis.

In the second quarter of 2010 Citadel Capital delivered four greenfield projects, in addition to the first-quarter completion of two others. Projects included the soft-launch of Designopolis (the Middle East and Africa’s first home furnishings destination under platform company Bonyan), ASEC Ready Mix (a concrete production and distribution plant in Upper Egypt under Platform Company ASEC Holding), Al-Takamol Cement (Sudan’s most technologically advanced cement plant, also under ASEC Holding) and Berber for Electrical Power (a power-generation plant in Sudan under platform company TAQA Arabia that will provide Al-Takamol with all of its electricity needs).

As part of the ongoing fine-tuning of its balance sheet, Citadel Capital recovered significant bridge financing extended to platform investments. Loans to platform companies thus declined 48.8% to EGP221.7m.

“We will continue to adjust the distribution of our investments in 2H10 as final close is reached on the MENA and Africa Joint Investment Funds, which will then invest in certain warehoused investments,” said Heikal. “This will allow Citadel Capital as a principal investor to redirect some currently invested funds to other Platform Companies and / or to new investments.”

The firm made new equity investments in platforms including Wafra (Sudanese agriculture), Nile Logistics (river transport and port management), RVR and the Egyptian Refining Company, among others.

Total assets under management (committed equity) at the end of 2Q10 were stable quarter-on-quarter in dollar terms at USD3.7bn (EGP20.9bn), as the first close of the MENA and Africa Joint Investment Funds was a material event taking place after the end of the reporting period. The firm had total investments under control of USD8.3bn (EGP45.5bn) as at 30 June 2010.

Total invested AUM as at 30 June 2010 rose a net 2.3% (or EGP366.7m) to USD2.9bn (EGP16.6bn). Total third-party AUM rose USD58.3m (EGP328.8m) to USD2.1bn (EGP12.1bn), an increase of 2.8%. Total invested AUM included USD1.9bn (EGP10.7bn) of third-party fee-earning assets under management, a rise of 1.3% from the end of 1Q10.

“We are also very pleased to note that after the end of the quarter we were able to finalize a USD2.6bn debt package for the Egyptian Refining Company (ERC), one of the largest private sector industrial development projects in Africa,” said Heikal.

The signing of the debt package came just weeks after the International Finance Corporation (IFC) announced that it would make a USD100m equity investment in the project. The signing of the debt package paves the way for the finalization of the equity component of the investment, which will add USD1bn in fee-earning AUM to Citadel Capital’s total assets under management when it closes in the fourth quarter of 2010.

The firm’s base of third-party fee-earning AUM is also expected to rise with the combined USD500m final close of the MENA and Africa Joint Investment Funds targeted for early 2011. The sister funds achieved a USD140m first close in July 2010 with committed and circled funds from leading global institutional investors.

The United States Overseas Private Investment Corporation (OPIC) has extended a USD100m financing facility, which will be invested alongside select investments of Citadel Capital and of the firm’s MENA and Africa Joint Investment Funds.

Management’s discussion of operational performance as well as details of Citadel Capital’s 2Q10 stand alone financials are available for download at www.citadelcapital.com

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