{"id":544389,"date":"2022-03-01T04:00:39","date_gmt":"2022-03-01T04:00:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/01\/ekh-mnhd-and-misr-insurance-holding-announce-full-year-results\/"},"modified":"2022-03-01T04:00:39","modified_gmt":"2022-03-01T04:00:39","slug":"ekh-mnhd-and-misr-insurance-holding-announce-full-year-results","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/01\/ekh-mnhd-and-misr-insurance-holding-announce-full-year-results\/","title":{"rendered":"EKH, MNHD and Misr Insurance Holding announce full-year results"},"content":{"rendered":"<p><strong>Egypt Kuwait Holding Company\u2019s net income<\/strong><strong> grew<\/strong><strong> 34%<\/strong><strong> y-o-y in 4Q2021 to record <\/strong><strong>USD <\/strong><strong>36.1 mn<\/strong><strong>,<\/strong> according to the company\u2019s <a href=\"https:\/\/ent.news\/2022\/2\/EKH-ER-FY21-E-Final.pdf\">earnings release (pdf)<\/a>. Revenues rose 66% y-o-y for the quarter to record USD 243.8 mn. EKH reported 47% y-o-y bottomline growth in 2021 to record USD 170.9 mn, on revenues of USD 833.4 mn, up 38% annually.<\/p>\n<p><strong>EKH attributed its top- and bottom-line growth to the fertilizer and petrochemicals segment<\/strong>, whose revenues rose 51% y-o-y in 2021 to record USD 447.9 mn. Revenues from the ins. and diversified segment also saw 51% annual growth in 2021 to record USD 186.6 mn.<\/p>\n<p><strong>EKH welcomes a new chairman: <\/strong>EKH\u2019s board of directors signed off on appointing Vice Chairman Loay Jassim Al Kharafi as company chairman after former head Moataz Adel Al Alfi stepped down from the head of the table, according to a <a href=\"https:\/\/ent.news\/2022\/2\/Egypt-Kuwait-Holding-Company-new-company-head-1.pdf\">disclosure to the bourse (pdf)<\/a>. Al Alfi will stay on as a board member.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Madinet Nasr Housing and Development\u2019s (MNHD) consolidated net income<\/strong> <strong>dropped <\/strong><strong>71.5%<\/strong><strong> y-o-y<\/strong> in 2021 to record EGP 282 mn, according to the company\u2019s <a href=\"https:\/\/ent.news\/2022\/2\/MNHD_4Q21_EaringsRelease_EA-1.pdf\">earnings release (pdf)<\/a>. Revenues dropped 28% y-o-y to record EGP 2.23 bn for the year. The release attributed the drop in income and revenues to a fall in large land sale transactions.<\/p>\n<p><strong>The breakdown: <\/strong>The company recorded EGP 2.95 bn in total pre-sales last year, dropping 57.9% y-o-y. MNHD also \u201ctook measures to scrutinize its receivable portfolio by canceling contracts with some defaulted clients, repricing, and resale of recovered units,\u201d which played a part in its lowered net income and revenues for the year.<\/p>\n<hr class=\"grey-line\">\n<p><strong>State-owned Misr Ins. Holding Company\u2019s net income grew 5.2% y-o-y in <\/strong><strong>FY2020-2021, recording EGP 4.4 bn,<\/strong> the cabinet announced in a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/348654110638349\">statement<\/a> yesterday. The firm issued a total of EGP 17.5 bn in premiums, up 20.5% from the previous year, while its investments increased 23.8% to reach EGP 75.7 bn. Misr Ins. subsidiary Misr Life Ins. is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/01c4eb21-6559-49bf-86ce-bb682d493449\">looking to list 25% of its shares<\/a> in an IPO during 2H2022, as part of the state privatization program.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egypt Kuwait Holding Company\u2019s net income grew 34% y-o-y in 4Q2021 to record USD 36.1 mn, according to the company\u2019s earnings release (pdf). Revenues rose 66% y-o-y for the quarter to record USD 243.8 mn. EKH reported 47% y-o-y bottomline growth in 2021 to record USD 170.9 mn, on revenues of USD 833.4 mn, up [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7208],"tags":[409,72,353,472,1248],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544389","post","type-post","status-publish","format-standard","hentry","category-earnings-watch","tag-earnings-watch","tag-enterpriseam","tag-madinet-masr-for-housing-and-development","tag-misr-insurance-holding","tag-misr-life-ins","wpautop","entry"],"acf":{"mongo_id":"c6e8c43a-85b2-4c7d-95c0-264822e6a52b","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[544376],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>EKH, MNHD and Misr Insurance Holding announce full-year results - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/01\/ekh-mnhd-and-misr-insurance-holding-announce-full-year-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EKH, MNHD and Misr Insurance Holding announce full-year results\" \/>\n<meta property=\"og:description\" content=\"Egypt Kuwait Holding Company\u2019s net income grew 34% y-o-y in 4Q2021 to record USD 36.1 mn, according to the company\u2019s earnings release (pdf). Revenues rose 66% y-o-y for the quarter to record USD 243.8 mn. EKH reported 47% y-o-y bottomline growth in 2021 to record USD 170.9 mn, on revenues of USD 833.4 mn, up [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/01\/ekh-mnhd-and-misr-insurance-holding-announce-full-year-results\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-01T04:00:39+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/01\/ekh-mnhd-and-misr-insurance-holding-announce-full-year-results\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/01\/ekh-mnhd-and-misr-insurance-holding-announce-full-year-results\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"EKH, MNHD and Misr Insurance Holding announce full-year results\",\"datePublished\":\"2022-03-01T04:00:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/01\/ekh-mnhd-and-misr-insurance-holding-announce-full-year-results\/\"},\"wordCount\":325,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"earnings watch\",\"EnterpriseAM\",\"Madinet Masr for Housing and Development\",\"Misr Insurance Holding\",\"Misr Life Ins.\"],\"articleSection\":[\"EARNINGS WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/01\/ekh-mnhd-and-misr-insurance-holding-announce-full-year-results\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/01\/ekh-mnhd-and-misr-insurance-holding-announce-full-year-results\/\",\"name\":\"EKH, MNHD and Misr Insurance Holding announce full-year results - 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Real estate players continued to post strong results, as have food, investment, automotive, consumer finance and payments players. 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Net income rose 66% y-o-y to USD 71.1 mn during the quarter, underpinned by strong revenue growth in fertilizers and petrochemicals which\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":586713,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/16\/rameda-revenues-up-14-while-profits-slip-in-1q-2023-plus-ekh-oriental-weavers-report-1q23-earnings\/","url_meta":{"origin":544389,"position":2},"title":"Rameda revenues up 14% while profits slip in 1Q 2023. 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Revenues rose 42% y-o-y to reach EGP 1.3 bn, up from EGP 945 mn in 1Q2018. Earnings growth was driven by a 58% y-o-y increase in commissions and\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544389","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=544389"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544389\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/544376"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=544389"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=544389"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=544389"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=544389"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=544389"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}