Riad Logistics Co., Ltd. succeeded in reducing operating risks and recorded the strongest performance to attract new capital

Today announced Riad Logistics Inc. – a leader in the field of direct investment in the continent of Asia – report financial results for the fiscal year 2010, the company recorded a rise in assets under management company (AUM) increased by 9.9% to reach US $ 4 billion (23.2 billion pounds). Citadel Capital has worked during 2010 to reduce implementation risks facing the investment has also succeeded in attracting new assets amounting to US $ 363.6 million, of which US $ 97 million investment from a major budget Citadel.

Citadel Capital’s management has decided to pursue an investment strategy conservative in light of the political and economic situation taking place in the Egyptian market and the rest of the Middle East and North African markets, which led to a reduction of two of the main castle investment value in a petroleum and natural gas weak projects, and also reduced the estimated net value castle investments in group companies share (PNAVPS) to US $ 1.3 (7.51 g), compared with US $ 1.86 (10.51 g) at the end of the first half of 2010.

Although they were of poor oil reserves, the castle about the erosion management company in due to related parties approved a 100% national company to produce oil / Energy Rally and that what faces these projects of technical challenges preclude the ability to utilize these reserves and start appropriate production record of them, also it acknowledged about the erosion of 50% in the castle national Company for Petroleum investments, given the recent investment in the national Company for the production of oil / Rally Energy. These projects will continue its normal during the coming period in order to find the necessary to continue the production of attractive petroleum reserves owned technical solutions note that the Citadel of these investments were included in the estimated value of the assets schedules (PNAV) published in the previous administration reports classified as impaired mention the difficulties faced by the two companies.

Will continue castle management company limited partners’ investments in sector funds controlling projects diminished – although approval about the erosion major investments in these projects – in terms of investments in the capital base of these projects remain under the contracts, noting that the firm will record advisory fees from these projects will be configured dedicated full value even necessary to reconsider the technical solutions available in this decay.

For his part, the structure, the founder and chairman of the firm, the past few years as seen from the series of global and regional unrest proved that the firm has the ability to determine the appropriate date for the appetite for risk or follow a conservative approach to keep up with the various economic challenges, where the company preferred to focus during the in 2010 to reduce operational risks and enhance the performance of distributed 15 diversified industrial sector investments in 14 countries in addition to the operation of 7 new projects and attract capital investments amounted to 27.5% of the new financial flows in direct investment, the Middle East and Africa region activities during 2010. It plans Citadel to continue this strategy over the next year in order to overcome the economic consequences resulting from current events with follow-up attractive investment opportunities expected to arise during the next phase.

This has been the financial results recorded a non-consolidated company the castle for the fiscal year 2010 net loss of 51.5 million US dollars (298.3 million pounds) on revenues of US $ 28.5 million (165 million pounds) as a result of the costs of non-cash associated with the decision to reduce the value of investments the firm in projects mentioned above and in line with the conservative view that the firm has decided to be pursued in the coming period.

Ahmed Chami, CFO of the castle also explained that the company has impaired investments indirectly through through one of its subsidiaries therefore reflected the full impact of the cost of non-cash associated with this decay in the consolidated financial statements of the company and not on a non-consolidated lists, but partial decay apparent on consolidated Statements approved is attributable to direct investments or relationships between the firm and these companies and others in the different images. Therefore the decay shown in the financial statements Consolidated Citadel Capital investments associated with oil and natural gas company includes only income from advisory fees and interest income on the investment of the castle in those projects bonds. Accordingly recorded consolidated financial statements for the fiscal year 2010 net loss of 241.7 million US dollars (1.4 billion pounds), where reflect the full impact of the decay shown.