Senior Credit Analyst
October 16 2019
Summa continues to deliver ambitious projects in Africa and has reported outstanding financial results for FY 18. Inauguration of a 10,000-seater indoor stadium in Kigali, Rwanda, built by Summa in record time, came shortly after the company completed its reconstruction of Diori Hamani International Airport (DHIA) in Niger – becoming its sole operator under a 30-year concession agreement – and handed over Niger’s first internationally branded hotel to the owners, Radisson Hospitality.
Kigali Arena completed in just six months. Designed primarily as a venue for indoors sport competitions, Kigali Arena can also host conferences, exhibitions and concerts (Figures 1-4). Summa began construction of the arena in January and finished the project a mere 168 days later, in July. The company employed over 1,600 workers, of whom more than 70% were hired locally. Summa Group, the Rwanda Housing Authority and the Rwanda Ministry of Sports jointly financed the US$104mn design and build project.
Excellent financial results. In 2018, Summa Group delivered its best results since at least 2012. The company reported EUR343mn in revenues (an increase of 92% yoy), EUR88mn in EBITDA (three times higher than the previous year’s result) and net income of EUR76mn. Although the company used more debt in 2018 than in previous years...
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