Arab Finance: A company announced Castle for Financial Investments (CCAP) (Egyptian Stock Exchange code CCAP.CA) – a leading company in energy and infrastructure investments – on the funded results of the period ending on December 31, 2024, revenues increased by an annual rate of 53% to 148.9 billion pounds during the year 2024, thanks to the growth of the dollar revenue for the Egyptian Refining Company, along with the strong performance of all subsidiaries, according to the statement sent on July 7.
In terms of profitability, operating profits were recorded before taxes, benefits, depreciation and consumption, 21.4 billion pounds during the year 2024, which is an annual decline at a rate of 6% due to the decrease in operational profits at the Egyptian Refining Company, and the net profit of the collected decreased by an annual rate of 2% to 6.4 billion pounds during the year.
The dollar revenues of the Egyptian Refining Company increased in the Egyptian pound at an annual rate of 32% to record 31.7 billion pounds during the last quarter of 2024, supported by the decline in the value of the Egyptian pound against the US dollar. During the year 2024, the dollar revenues of the Egyptian Refining Company recorded 134.9 billion pounds, which is an annual growth at a rate of 54%.
The castle, Safi profit, after deducting the minority rights of 420.7 million pounds during the last quarter of 2024, is an annual decline at a rate of 91%, as a result of achieving exceptional profits resulting from the sale of the shares of an Arab energy company during the comparison period (the last quarter of 2023).
During the year 2024, the net profit after deduction of minority rights recorded 6.4 billion pounds, which is an annual decline of 2%. All subsidiaries, with the exception of the Egyptian Refining Company, Astom, and Dina Farms Company, have registered a net profit during the last quarter of 2024. During the year 2024, all companies recorded a net profit with the exception of Askum.
In this context, Dr. Ahmed Heikal, the founder and chairman of the Castle Company, praised the success of the castle at the conclusion of 2024 with a strong performance that reflects its superior flexibility in facing the economic challenges that the world is going through.
The revenues increased by an annual rate of 53% during the fiscal year 2024, supported by the growth of the dollar revenues of the Egyptian Refining Company as well as the growth of all subsidiaries. This strong performance reflects the success of the growth strategy adopted by the castle, which is moving forward towards achieving more achievements and sustainable growth during the year 2025.
In terms of profitability, operational profits before taxes, benefits, depreciation and consumption amounted to 21.4 billion pounds during the year 2024, which is an annual decline of 6% due to a decline in the refining profit margin at the Egyptian Refining Company during the year.
When excluding the results of the Egyptian Refining Company, operating profits increase before taxes, benefits, depreciation and consumption by 46%, thanks to the strong growth in all subsidiaries.
Likewise, the net profit decreased by 2% during 2024 as a result of a decline in the refining profit margin. Excluding the results of the Egyptian Refining Company; Net profit increases by 4% annually during the year 2024, in light of the growth of net profit in most subsidiary companies during the period.
Heikal indicated that the administration is moving forward in the right track to complete the settlement and restructuring of the group's debts. On the level of the purchase of the outer debt owed by the company (QHRI); The ordinary general assembly of the castle was held on June 4, 2025, and agreed to extend the maximum date for the completion of the procedures for the capital increase to September 15 this year.
The Citadel Company also announced the convening of the extraordinary general assembly on July 17 to discuss the approval of the process of increasing the proposed capital related to the debts owed to the company (QHRI) and Settdal Capital Partners.
It is scheduled after the general assembly approval of this decision; Allocating shares to everyone who participated in the aforementioned external debt. The decisions of the General Assembly related to agreeing to increase the capital will result in strengthening the financial position of the company and reducing risk, as this decision will be transferred to $ 240 million of debt to royal rights, which is consistent with the castle strategy aimed at improving the efficiency of the capital structure and enhancing the value of shareholders ’rights.
Heikal stressed that the castle will continue to move forward in the path of strong growth during the coming period amid various difficulties and challenges. In anticipation of the future, the castle intends to pump additional limited investments in its subsidiaries during the coming period with the aim of improving the portfolio of its investments.
Heikal hinted that the true value of the assets of the castle company does not accumulate accurately in the financial statements, due to its account with its historical value, and in some cases the costs of decay only are calculated without re -evaluation of assets in a way that reflects the high value.
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