{"id":672266,"date":"2025-09-22T00:00:00","date_gmt":"2025-09-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/09\/22\/from-ipo-to-expansion-national-printings-next-big-moves\/"},"modified":"2025-09-22T00:00:00","modified_gmt":"2025-09-22T00:00:00","slug":"from-ipo-to-expansion-national-printings-next-big-moves","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/09\/22\/from-ipo-to-expansion-national-printings-next-big-moves\/","title":{"rendered":"From IPO to expansion: National Printing\u2019s next big moves"},"content":{"rendered":"

Coffee with: National Printing CEO Sherif El Moallem.<\/strong> Fresh off a stellar EGX debut, National Printing still has a few cards to play. The company is planning to invest up to USD 20 mn to boost capacity by as much as 20%, grow exports to 45% of output, and keep the option open for a future primary issuance.<\/p>\n

We sat down with CEO Sherif El Moallem <\/strong>to talk through the company\u2019s expansion plans, how it\u2019s managing its finances post-listing, and what its first earnings as a publicly traded firm revealed.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

Quick recap:<\/strong> National Printing was only the second company to IPO on the EGX<\/a> this year, following Bonyan\u2019s float in July<\/a>. The secondary sale \u2014 10% of the company \u2014 raised some EGP 450 mn and was a hit, being 23.6x oversubscribed<\/a>. Half of the offering went to a Saudi institutional investor, while the rest was picked up by local investors. The stock jumped 9.4% on debut to close at EGP 23.25 and was sitting at EGP 21.01 as of yesterday\u2019s close. <\/p>\n

The IPO was about more than just the debut.<\/strong> El Moallem says the listing set the stage for future fundraising: \u201cOne of the benefits of the IPO is that it makes a future primary issuance easier if we decide we need it. We\u2019ve thought about that option, but there are no concrete plans or timeline in place at the moment.\u201d<\/p>\n

Expansion is already underway. <\/strong>National Printing is putting USD 18-20 mn into increasing capacity by 10-20% across subsidiaries Shorouk, Uniboard, and Baddar. \u201cAt Baddar, the new machines are already being installed and should be operational by the end of 4Q, which means we\u2019ll start to see results in 2026,\u201d El Moallem told us. At Uniboard, capacity will expand by 10% with installation planned for 2Q 2026 and output expanding into 2027. Shorouk\u2019s expansion is still under review, with updates expected early next year.<\/p>\n

Exports are the growth story. <\/strong>Management wants exports to account for more than 45% of revenues within five years, up from 25% today, with duplex board, corrugated boxes, and specialty papers driving growth. \u201cOur current focus markets are MENA and Africa, but we are also expanding into Europe and the US,\u201d El Moallem said. He added that diversification across products and geographies helps hedge against FX and geopolitical risks.<\/p>\n

Integration is the edge. <\/strong>El Moallem argues the group\u2019s integrated model \u2014 spanning raw materials to finished products \u2014 is a key competitive advantage. \u201cIntegration delivers two things: higher quality, because we control the process end to end, and lower costs, since we manage inputs internally,\u201d he explained. Expansion also makes it harder for new entrants: \u201cBuilding a company of this size takes decades, expertise, and significant hard-currency investment. That\u2019s not easy for newcomers to replicate.\u201d With a client base weighted toward defensive sectors like FMCG, pharma, and education, National Printing has enjoyed resilient demand.<\/p>\n

Margins are thinner, but in line with expectations.<\/strong> Profitability slipped in 1H 2025<\/a>, but El Moallem says that was expected. \u201cWe knew revenues would grow but that margins would tighten,\u201d he told us. Last year\u2019s numbers were flattered by some EGP 18 mn in FX gains after the float of the EGP and by lower interest rates. The only real surprise was an unplanned maintenance shutdown at Uniboard, which temporarily took capacity offline. \u201cThat issue is resolved in Uniboard, and we expect the second half of the year to be stronger because there will be no repeat of the shutdown,\u201d El Moallem said.<\/p>\n

The balance sheet is holding up.<\/strong> With an equity ratio of 1.1-1.2x, the company can comfortably fund its current projects \u2014 including the expansion program \u2014 through a mix of debt and internal financing. \u201cLarger projects in the coming years might require fresh capital, but that\u2019s a decision for later,\u201d El Moallem said.<\/p>\n

Looking ahead: <\/strong>Over the next five years, El Moallem sees the biggest opportunities in exports, scale, and portfolio diversification. Risks? FX volatility, high borrowing costs, and geopolitics. \u201cHigh borrowing costs, in particular, limit growth when financing machinery. If the central bank continues to cut rates<\/a>, the outlook improves significantly,\u201d he said. National Printing will start publishing quarterly earnings disclosures this month. \u201cFor investors, the key is to track both financial and production KPIs \u2014 the same ones we disclose quarterly in line with our budget.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

National Printing is putting USD 18-20 mn into increasing capacity<\/p>\n","protected":false},"author":1,"featured_media":672267,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[8231],"tags":[335,68,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-672266","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-agreements-and-mous-totalling-eur-67-7-bn-inked-at-egypt-eu-investment-conference","tag-coffee-with","tag-egx","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"f878e995-b2c1-423b-86fd-815b6b3061d0","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/9\/1245.jpg","photo_position":"above","homepage_title":"","full_issue_title":"From IPO to expansion: National Printing\u2019s next big moves","related_issue":[672258],"teaser":"National Printing is putting USD 18-20 mn into increasing capacity","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/9\/.08572563-81f0-4475-b4b6-fa0639eb8c1d.mp3"},"yoast_head":"\nFrom IPO to expansion: National Printing\u2019s next big moves - 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Here\u2019s why it thinks you should like its shares.","author":"enterpriseam admin","date":"5 August 2025","format":false,"excerpt":"The company\u2019s stock will start trading at EGP 21.25 a pop","rel":"","context":"In "IPO"","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/7\/1361.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":668818,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/07\/22\/national-printing-is-taking-a-10-stake-to-market\/","url_meta":{"origin":672266,"position":2},"title":"National Printing is taking a 10% stake to market","author":"enterpriseam admin","date":"22 July 2025","format":false,"excerpt":"Saudi investor Omran Mohammed AlOmran anchored the private tranche of the offering","rel":"","context":"In "IPO"","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/7\/1361.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568372,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/28\/indias-tci-sanmar-to-invest-usd-200-mn-here-next-year\/","url_meta":{"origin":672266,"position":3},"title":"India\u2019s TCI Sanmar to invest USD 200 mn here next year","author":"enterpriseam admin","date":"28 December 2020","format":false,"excerpt":"Indian industrial chemical manufacturer TCI Sanmar Chemicals is planning to resume its USD 200 mn investment in its Egyptian operations next year, the company\u2019s Egypt CEO Sherif El Manoufi said, according to Al Mal. The investment will likely go towards expanding its production capacity of polyvinyl chloride and calcium chloride,\u2026","rel":"","context":"In "Investment Watch"","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":566511,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/23\/mining-outfit-ascom-losses-widen-in-1q2021\/","url_meta":{"origin":672266,"position":4},"title":"Mining outfit ASCOM losses widen in 1Q2021","author":"enterpriseam admin","date":"23 June 2021","format":false,"excerpt":"EARNINGS WATCH- Qalaa Holdings\u2019 mining subsidiary ASCOM posted wider losses in 1Q2021 than it did a year ago, with EGP 30 mn in red ink on its bottom line against EGP 23.2 mn in the same period a year ago, according to its consolidated financials (pdf). Net financing costs jumped\u2026","rel":"","context":"In "GO WITH THE FLOW"","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":657573,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/23\/egypt-to-ink-agreements-with-bahrain-uae-to-cut-customs-clearance-time\/","url_meta":{"origin":672266,"position":5},"title":"Egypt to ink agreements with Bahrain, UAE to cut customs clearance time","author":"enterpriseam admin","date":"23 December 2024","format":false,"excerpt":"PLUS: The National Printing Company to make its EGX debut in 2H 2025","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2162.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/672266","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=672266"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/672266\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/672258"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/672267"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=672266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=672266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=672266"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=672266"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=672266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}