LAP Green comments on FY12 results, keeps financial figures under wraps

23 Apr 2013

LAP Green Network, a wholly owned subsidiary of the Libyan African Portfolio (LAP), has issued a press statement regarding its operational achievements in the twelve months ended 31 December 2012, but stopped short of providing any financial data. Wafik Shater, chairman and CEO of LAP Green, commented: ‘All [LAP] Green subsidiaries recorded strong performance with key achievements delivered across the board in 2012. Despite the very challenging circumstances in post-liberation Libya – and still under significant sanctions from various governments slow to react to the UN advice to lift the restrictions – the group recorded significant improvements to key indicators … We are happy to see all our subsidiaries deliver on their turnaround objectives despite a number of challenges faced. We are confident that with the support of our shareholders, and with the continuous hard work of all the men and women in our group, we will achieve our target of establishing [LAP] Green Network as one of the regional telecoms leaders in Africa’.

With reference to the company’s balance sheet, the group’s chief financial advisor Caba Pinter commented: ‘The aggregated operational revenues increased by 1.7% for the current three operational subsidiaries [in Cote d’Ivoire, Uganda and South Sudan]. At the same level, gross margins have improved significantly with an annual growth of 7.5%, and thanks to our efforts in rationalising our OPEX and reducing wastages, our annual saving result stands at 19%. Moreover, we have successfully improved our overall consolidated EBITDA, cutting our losses by 57% over 2012’.

LAP Green, which formally regained control of Uganda Telecom Ltd (UTL) in May 2012, noted that the company saw its subscriber base increase by 17% in 2H12, and suggested that UTL is ‘on the road to profitability’. Finally, addressing widespread press speculation over its acquisition of licences in other territories, an updated ‘history’ section on the company’s new website clarifies: ‘LAP Green has also invested in Zambia, Chad, Niger, Rwanda and Togo. Unfortunately as a result of the events in Libya in 2011 and the subsequent UN decision to freeze all Libyan assets, these investments faced expropriation by the national governments in these countries. The LAP Green management is tasked with seeking to overturn the actions by these governments and will vigorously pursue all options to restore assets to the company’.

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