{"id":558477,"date":"2021-08-11T04:16:04","date_gmt":"2021-08-11T04:16:04","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/11\/ekh-contact-financial-report-sharp-rises-in-net-income\/"},"modified":"2021-08-11T04:16:04","modified_gmt":"2021-08-11T04:16:04","slug":"ekh-contact-financial-report-sharp-rises-in-net-income","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/11\/ekh-contact-financial-report-sharp-rises-in-net-income\/","title":{"rendered":"EKH, Contact Financial report sharp rises in net income"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>Egypt Kuwait Holding\u2019s (EKH) attributable net income rose 52% y-o-y to USD 45.2 <\/strong><strong>mn in 2Q2021<\/strong>, up from <a href=\"https:\/\/ent.news\/2021\/8\/EKH-ER-2Q2020-E-FINAL.pdf\">USD 29.8 mn (pdf)<\/a> a year before, according to a company <a href=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/ekh\/EKH-ER-1H21-E-FINAL.pdf\">earnings release (pdf)<\/a>. EKH\u2019s 2Q2021 top line came in at USD 186.1 mn, a 24% y-o-y increase that was driven primarily by a 27% y-o-y increase in revenues at the fertilizer and petrochemicals segment, \u201cwhich continued to reap the benefits of the rally in commodities prices and growing export sales as markets opened up,\u201d EKH Chairman Moataz Al-Alfi said. The rally was underpinned by EKH\u2019s energy and energy-related segment, which was buoyed by \u201cgrowing contributions from NatEnergy\u2019s electricity generation and distribution facility, Kahraba,\u201d Al Alfi added.<\/p>\n<p><strong>Looking forward: <\/strong>EKH is \u201coptimistic\u201d in the long run about long-term growth prospects of its natural gas distribution business, especially in light of the government\u2019s \u2018Hayah Karima\u2019 (Decent Life) initiative \u2014 which will revamp infrastructure across underprivileged villages and increase the number of households with supplies to natural gas, providing expansion prospects for the group going forward, Al Alfi said. <strong>The company has earmarked c. USD 300 mn in capex spending<\/strong>, aiming to expand its operations across the horizon and \u201cmaximize\u201d value generated from its subsidiaries, said CEO Sherif El Zayat. EKH is also moving steadily towards bringing its sulphuric acid factory at Sprea Misr online by 1H2022, with plans to increase capacity of its electricity generation and distribution facility, Kahraba, by 20 MW to bring its total generation capacity to c. 135 MW by 2H2022, El Zayat added.<\/p>\n<p><strong>Contact Financial Holding\u2019s consolidated net income jumped 72% y-o-y to EGP 218 mn in <\/strong><strong>1H2021<\/strong>, up from EGP 127 mn in the same period last year, according to a company <a href=\"https:\/\/ent.news\/2021\/8\/20210810_Contact-Financial_H1-2021_Press-release_EN.pdf\">press release (pdf)<\/a><sup><\/sup>. Net income from its financing business rose 64% y-o-y to EGP 215 mn, driven by an expansion in its product range after the company received its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dda7d640-0590-4109-a31c-ebe7ef08e7a5\">consumer financing license<\/a>. Contact also added five new branches nationwide and grew its merchant network sixfold y-o-y. The company also saw its new ins. business in the black, adding EGP 3.4 mn to its bottom line, compared to losses of EGP 3.9 mn in 1H2020.<\/p>\n<p><strong>The company launched several financing products in 1H2021<\/strong>, including home finishing financial product Shattab, a new club fees financing product and ins. policies. It also rolled out a 10-year mortgage product in partnership with online real estate portal Sakneen, in which Contact has invested. Contact saw its new mortgage financing grow sixfold, while home equity loans (which the company had previously called home finishing loans) more than tripled over the first six months of the year.<\/p>\n<p><strong>Looking ahead: <\/strong>Contact plans to continue its geographical expansion and develop its client mobile application as it continues investing in tech following the relaunch of its contactcars.com platform. The company plans to launch \u201ca dedicated app for the dealer network making it easier for dealers to source, value and remarket used cars using a digital auction tool.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egypt Kuwait Holding\u2019s (EKH) attributable net income rose 52% y-o-y to USD 45.2 mn in 2Q2021, up from USD 29.8 mn (pdf) a year before, according to a company earnings release (pdf). EKH\u2019s 2Q2021 top line came in at USD 186.1 mn, a 24% y-o-y increase that was driven primarily by a 27% y-o-y increase [&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":[302,409,1668,244,93,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-558477","post","type-post","status-publish","format-standard","hentry","category-earnings-watch","tag-earnings","tag-earnings-watch","tag-egypt-kuwait-holding","tag-electricity","tag-energy","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"e77555ba-8a0f-481d-b5da-fa856d6244b6","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[558465],"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, Contact Financial report sharp rises in net income - 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\/2021\/08\/11\/ekh-contact-financial-report-sharp-rises-in-net-income\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EKH, Contact Financial report sharp rises in net income\" \/>\n<meta property=\"og:description\" content=\"Egypt Kuwait Holding\u2019s (EKH) attributable net income rose 52% y-o-y to USD 45.2 mn in 2Q2021, up from USD 29.8 mn (pdf) a year before, according to a company earnings release (pdf). EKH\u2019s 2Q2021 top line came in at USD 186.1 mn, a 24% y-o-y increase that was driven primarily by a 27% y-o-y increase [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/11\/ekh-contact-financial-report-sharp-rises-in-net-income\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-11T04:16:04+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\/2021\/08\/11\/ekh-contact-financial-report-sharp-rises-in-net-income\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/11\/ekh-contact-financial-report-sharp-rises-in-net-income\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"EKH, Contact Financial report sharp rises in net income\",\"datePublished\":\"2021-08-11T04:16:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/11\/ekh-contact-financial-report-sharp-rises-in-net-income\/\"},\"wordCount\":490,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"earnings\",\"earnings watch\",\"Egypt Kuwait Holding\",\"electricity\",\"energy\",\"EnterpriseAM\"],\"articleSection\":[\"EARNINGS WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/11\/ekh-contact-financial-report-sharp-rises-in-net-income\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/11\/ekh-contact-financial-report-sharp-rises-in-net-income\/\",\"name\":\"EKH, Contact Financial report sharp rises in net income - 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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\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":560517,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/02\/earnings-watch-ibnsina-ekh-palm-hills-al-baraka-bank-domty\/","url_meta":{"origin":558477,"position":1},"title":"Earnings watch: Ibnsina, EKH, Palm Hills, Al Baraka Bank, Domty","author":"enterpriseam admin","date":"2 March 2021","format":false,"excerpt":"Ibnsina Pharma\u2019s net income tumbled 71% y-o-y in 4Q2020 to EGP 24.2 mn, down from EGP 83.2 mn in 4Q2019, the pharma distributor said in its annual earnings statement (pdf). The drop comes despite net revenues rising 6.6% y-o-y during the quarter to EGP 4.9 bn. On a full-year basis,\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":621697,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/15\/earnings-watch-ekh-b-investments-tmg-te-report-q32018-results\/","url_meta":{"origin":558477,"position":2},"title":"Earnings watch: EKH, B Investments, TMG, TE report Q32018 results","author":"enterpriseam admin","date":"15 November 2018","format":false,"excerpt":"EARNINGS WATCH- Investment company Egypt Kuwait Holding (EKH) saw its 3Q2018 revenues rise 37% y-o-y to USD 118.6 mn, the company announced yesterday (pdf). Revenue growth was driven by strong operational performance in the fertilizers and petrochemicals segment, as well as healthy growth in the energy sector. Bottom line for\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":[]},{"id":562247,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/17\/gb-auto-net-income-doubles-in-1q-amid-higher-demand\/","url_meta":{"origin":558477,"position":3},"title":"GB Auto net income doubles in 1Q amid higher demand","author":"enterpriseam admin","date":"17 May 2021","format":false,"excerpt":"GB Auto\u2019s net income more than doubled to EGP 299 mn in 1Q2021 compared to EGP 138 mn in the same quarter last year, according to the company\u2019s earnings release (pdf). Revenues rose 16% to hit EGP 6.8 bn during the quarter, compared to EGP 5.9 bn a year earlier,\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":620150,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/concrete-ekh-ode-alexbank-report-earnings\/","url_meta":{"origin":558477,"position":4},"title":"Concrete, EKH, ODE, Alexbank report earnings","author":"enterpriseam admin","date":"16 May 2024","format":false,"excerpt":"Concrete Fashion Group saw its net income increase 3.2% y-o-y during its fiscal year 2023","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\/2024\/5\/1192.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546456,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/17\/ekh-reports-record-net-income-in-1q2022\/","url_meta":{"origin":558477,"position":5},"title":"EKH reports record net income in 1Q2022","author":"enterpriseam admin","date":"17 May 2022","format":false,"excerpt":"Egypt Kuwait Holding (EKH) reported record quarterly earnings in 1Q 2022 as the surge in commodity prices boosted revenues, the company said in its latest earnings release (pdf). 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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/558477","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=558477"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/558477\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/558465"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=558477"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=558477"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=558477"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=558477"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=558477"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}