{"id":581812,"date":"2023-02-26T00:00:00","date_gmt":"2023-02-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/26\/ekh-to-invest-usd-170-mn-in-egypt-this-year-reports-record-sales-in-2022\/"},"modified":"2023-02-26T00:00:00","modified_gmt":"2023-02-26T00:00:00","slug":"ekh-to-invest-usd-170-mn-in-egypt-this-year-reports-record-sales-in-2022","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/26\/ekh-to-invest-usd-170-mn-in-egypt-this-year-reports-record-sales-in-2022\/","title":{"rendered":"EKH to invest USD 170 mn in Egypt this year + reports record sales in 2022"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">We can expect big spending from EKH this year:<\/span><span style=\"\"> Egypt Kuwait Holding will invest <\/span><span style=\"\">some USD 170 mn in the Egyptian market in 2023, the company said in <\/span><span style=\"\">a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/2\/EKH-disclosure-2023-investments.pdf\" style=\"\">statement (pdf)<\/a><\/span><span style=\"\"> on Thursday. <\/span><span style=\"\">More than half of the amount will be allocated to capital expenditure and the remainder will be used to increase the company\u2019s <\/span><span style=\"\">holdings in its subsidiaries by buying out minority shareholders, it sai<\/span><span style=\"\">d. <\/span><span>The spending will be 60-70% financed by the company\u2019s cashflows, with the rest to come through bank loans, CEO Sherif El Zayat told <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3lZzCdt\" style=\"\">Asharq Business<\/a><\/span><span>. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">EKH plans to spend some USD 79 mn to up its stake in subsidiaries<\/span><span style=\"\">, the company sa<\/span><span style=\"\">id, <\/span><span style=\"font-weight:400;\">without disclosing the targeted companies. EKH holds a wide portfolio with a focus on fertilizers, petrochemicals, gas production and distribution, electricity, and nonbank financial services. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">It\u2019s already started: <\/span><span style=\"\">EKH upped its stake in Alexandria Fertilizers Company (AlexFert) to <\/span><span>61.6% from 60.4% in 1Q 2023<\/span><span>, according to the company\u2019s latest <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/2\/EKH-FY-2022-earnings.pdf\" style=\"\">earnings release (pdf)<\/a><\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Capex spending: <\/span><span style=\"font-weight:400;\">EKH plans to spend the remaining USD 91 mn to invest in existing projects:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:700\">USD 50 mn to drill two new gas wells<\/span><span> in the offshore North Sinai concession field;<\/span><\/li>\n<li><span style=\"font-weight:700\">USD 30 mn for the company\u2019s Nile Wood MDF factory<\/span><span>, a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/05\/12\/german-fiberboard-maker-enter-egypt-through-jv-with-egypt-kuwait-holding-70766\/\" style=\"\">joint venture<\/a><\/span><span style=\"font-weight:400;\"> with German fiberboard producer Homann Holzwerkstoffe. The factory\u2019s products are expected to hit the market by 3Q 2023, according to EKH\u2019s earnings release;<\/span><\/li>\n<li><span style=\"font-weight:700\">USD 11 mn<\/span><span style=\"font-weight:400;\"> to add 20 MW of electricity generation capacity. <\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REMEMBER- EKH is on an investment drive. <\/span><span>The company in 2021 said it planned to invest <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2021\/08\/24\/ekh-plans-five-year-usd-500-mn-investment-drive-51352\/\" style=\"\">USD 100 mn<\/a><\/span><span> each year <\/span><span style=\"font-weight:400;\">for five years starting in 2022, across at least six Egyptian verticals. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">EARNINGS WATCH-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">EKH had a bumper 2022: <\/span><span style=\"\">The company <\/span><span style=\"\">achieved<\/span><span style=\"\"> <\/span><span style=\"\">re<\/span><span style=\"\">cord revenues of USD 1.1 bn in 2022, up <\/span><span style=\"font-weight:400;\">by a third from 2021, its earnings release showed. Attributable net income rose 41% to USD 241.1 mn during the 12-month period.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Growth in 2022 was driven by higher global fertilizer prices<\/span><span style=\"\">, which began to normalize <\/span><span style=\"\">towards the end of the year. Revenues from the company\u2019s fertilizer and petrochemicals segment rose 54% to USD 688.4 mn, almost doubling the segment\u2019s net pr<\/span><span style=\"\">ofit to USD 255.8 mn.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What they said:<\/span><span style=\"\"> \u201c<\/span><span style=\"\">Our operations have demonstrated a tremendous level of resilience, <\/span><span style=\"font-weight:400;\">delivering record results despite the prevailing global and domestic challenges,\u201d said Chairman Loay Jassim Al Kharafi.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>More than half of the amount will be allocated to capital expenditure<\/p>\n","protected":false},"author":1,"featured_media":581813,"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":[7272],"tags":[1668,72,125],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581812","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-egypt-kuwait-holding","tag-enterpriseam","tag-investment-watch","wpautop","entry"],"acf":{"mongo_id":"ac2860aa-65df-4ec9-aa79-a76a1d369cdf","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/2\/EKH-2.25.23-1600px.jpg","photo_position":"below","homepage_title":"EKH to invest USD 170 mn in Egypt this year","full_issue_title":"","related_issue":[581807],"teaser":"More than half of the amount will be allocated to capital expenditure"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The property developer logged its\u2026","rel":"","context":"In &quot;EARNINGS WATCH-&quot;","block_context":{"text":"EARNINGS WATCH-","link":"https:\/\/enterpriseam.com\/egypt\/category\/earnings-watch-2\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":558725,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/24\/ekh-plans-five-year-usd-500-mn-investment-drive\/","url_meta":{"origin":581812,"position":1},"title":"EKH plans five year, USD 500 mn investment drive","author":"enterpriseam admin","date":"24 August 2021","format":false,"excerpt":"Egypt Kuwait Holding (EKH) plans to invest a total of USD 500 mn over the next five years. The investment company \u2014 which is dual-listed on the Egyptian and Kuwaiti stock exchanges \u2014 is looking to deploy USD 100 mn annually starting 2022 across at least six verticals, CEO Sherif\u2026","rel":"","context":"In &quot;Investment Watch&quot;","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/242.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561114,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/25\/ekh-to-invest-usd-300-mn-through-the-end-of-2022\/","url_meta":{"origin":581812,"position":2},"title":"EKH to invest USD 300 mn through the end of 2022","author":"enterpriseam admin","date":"25 March 2021","format":false,"excerpt":"EK Holding plans to invest USD 300 mn this year and next in new and existing projects and to purchase minority stakes in its subsidiaries, according to a regulatory disclosure (pdf). The investments include USD 80 mn for its medium-density fiberboard (MDF) factory in El Sadat, USD 75 mn for\u2026","rel":"","context":"In &quot;Investment Watch&quot;","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-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":561187,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/29\/ek-holding-increases-stake-in-alexandria-fertilizers\/","url_meta":{"origin":581812,"position":3},"title":"EK Holding increases stake in Alexandria Fertilizers","author":"enterpriseam admin","date":"29 March 2021","format":false,"excerpt":"EK Holding has reportedly purchased a 10% stake in Alexandria Fertilizers in a USD 50 mn transaction, according to a report in Al Mal\u2019s print edition, which cites sources with knowledge of the transaction. 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