This is a 30% decline compared to the same period last year when losses came in at LE 29.6 million. This comes despite the challenging business environment the company has been facing both locally and regionally.
 

The firm reported a consolidated net loss for the first nine months of 2011 worth LE 446.6 million compared to a net loss of LE 160.6 million for the same period a year earlier.

The decline in losses has been attributed to cost-cutting at the firm and platform company levels and new fundraising from international and regional partners.

Citadel had completed a $175.6 million (LE 1.1 billion) capital increase in October 2011. A month later, it secured a $150 million (LE 903.4 million), 10-year financing facility from a US government's Overseas Private Investment Corporation (OPIC), taking the firm's long-term capital to $325 million (LE 1.9 billion). 
 

The facility was used to help Citadel weather the political and economic turbulence in Egypt for 12-18 months. The firm has since been cutting back on investments outside its existing projects until the outlook in Egypt becomes clearer.