Highlights of the Q3, 2011 business review include the addition of $265.5 million in new investments under control (equity and debt), including $101.6 million in new assets under management.
In the three months ending September 2011, the firm reported a 3.1 percent quarter-on-quarter rise in total investments under control to $9.0 billion (EGP 53.6 billion), a 2.5 percent rise in assets under management (AUM) to $4.2 billion (EGP 25.0 billion), and a 17.3 percent narrowing of its standalone loss quarter-on-quarter.
"Citadel Capital is on track to close this tumultuous year on very solid footing," said Citadel Capital Chairman and Founder Ahmed Heikal.
"Cost-cutting at the firm and platform company levels has allowed us to preserve cash, while new fundraising from international limited partners and regional co-investors alike has seen us add important equity and debt to key platform investments. The capital increase concluded in October has added $175.6 million in long-term capital to our Q4, 2011 balance sheet and, moreover, the finance guarantee approved in Q4 by the board of directors of the US Overseas Private Investment Corporation sees us in the final stages of securing $150 million in long-term finance,” said Heikal.
"While we enter 2012 on a cautious footing," Heikal continued, "we do so mindful that our portfolio is firmly on the right side of macroeconomic trends. We are also cognizant that there will be significant opportunities to add value to our portfolio in a year that we expect will be transformative for many of the economies in which we invest."
