Egypt's Qalaa Holding expects return to profit by first quarter 2016
Egypt's Qalaa Holding expects to return to profit by early 2016 as it sells non-cash generating assets and consolidates its grip on key holdings in a turnaround plan aimed at ending years of losses, its chairman and founder said.
Qalaa, one of Egypt's largest investment companies, has some $9.5 billion in assets under management, including stakes in dozens of firms mainly in Egypt, east and north Africa.
Set up in 2004 to follow a private equity model of buying stakes in small firms, growing them to be viable then selling at a profit, Qalaa began transforming itself into a holding company after running into trouble following the 2008 global financial crisis and then being buffeted by the 2011 uprising in Egypt.
As part of that restructuring, it is narrowing its focus to energy, transport, agrifoods, mining and cement and has been gradually divesting holdings outside of that core.