The Egyptian Kuwaiti Holding Company announced that, according to the financial statements for the financial period ending on September 30, 2023, prepared in accordance with Egyptian accounting standards, a net profit of $137 million has been achieved, the company’s total assets have reached two billion dollars, and total shareholders’ equity has reached $636 million. During the same period.

Commenting on the financial performance, the Chairman of the Board of Directors of the Egyptian Kuwaiti Holding Company, Louay Jassim Al-Kharafi, said that the company was able to achieve strong financial results despite the local and global challenges, as it achieved operating revenues of $588 million during the first nine months, while maintaining levels of profitability. Outstanding, he added that the results of the third quarter of the current year showed a strong improvement compared to the second quarter of the year.

Al-Kharafi stressed that the Egyptian Kuwaiti Holding Company continues to explore growth opportunities in Egypt and the region to support its strategy in developing its revenues and profitability flows, especially those based on foreign currencies, in its quest to increase shareholder returns in a sustainable manner, noting that the company has decided to allocate more than $200 million. As capital expenditures to finance investment expansions during the year 2023, which confirms confidence in the growth potential enjoyed by the holding company and its subsidiaries and associates.

He stated that the group continued to focus on achieving strong results, despite the challenges in the local and international markets. It also succeeded in expanding its operations and winning large contracts since the beginning of this year. It is currently focusing on a number of regional expansion projects and is relying on the extensive experience enjoyed by its human cadres in Subsidiary and associate companies, which would strengthen the company’s position as one of the leading companies in the Middle East, expressing his thanks and appreciation to the executive management and employees for their dedication and efforts, which had a major role in achieving this strong performance and distinguished results for the company.

Subsidiaries and associate companies

Al-Kharafi reviewed the financial performance of the subsidiaries and associates of the Egyptian Kuwaiti Holding Company during the first nine months of 2023, which reflected positively on the group’s financial results, noting that the National Electricity Technology Company won the tender, which was put forward by Centamin Company, the operator of the Sukari gold mine, which is one of the largest mines. Gold produced in the world, to build a substation with a production capacity of 50 megawatts on site, in addition to high-voltage electricity distribution lines, through a long-term contract to operate and maintain these facilities, pointing out that this important deal strengthens the position of the National Electricity Technology Company as a major player. In the electrical distribution networks sector, he pointed out that the Electricity Company succeeded in increasing the volume of distribution, after obtaining the distribution concession in the industrial zone in the Tenth of Ramadan City last December.

He pointed out that North Sinai Petroleum Company, one of the subsidiary companies, which works in the field of oil and gas extraction, succeeded in obtaining initial approval to extend its concession in the North Sinai offshore field for a period of 10 years. It is currently finalizing the regulatory approvals required for the extension, while the company is evaluating regional expansion opportunities to benefit from the experience and knowledge gained over several decades of excellence.

Fertilizers and petrochemicals

During the first nine months of 2023, the Egyptian Kuwaiti Holding Company’s revenues from the fertilizer and petrochemicals sector amounted to $319 million, while the sector’s net profits amounted to $125 million. The Holding Company’s investments in that sector are characterized by generating strong cash flows, leading market shares, and well-established links with… Main export markets.

Alexandria Fertilizers

During the first nine months of 2023, the Alexandria Fertilizer Company achieved revenues of $192 million, and this improvement was reflected positively in profitability. The Egyptian Kuwaiti Holding Company’s share of the company’s net profits amounted to $44 million during the same period, and the Alexandria Fertilizer Company is considered one of the leading companies. In the field of manufacturing nitrogen fertilizers, as it is the only company in Egypt that produces granulated sulfate nitrates, and the company’s factory was established using the highest technologies in the field of fertilizer manufacturing, and the company exports 70% of its total production to global markets.

Spria Egypt
During the first nine months of 2023, Spria Egypt Company (100% owned by the Egyptian Kuwaiti Holding Company) achieved revenues of $128 million, while net profit reached $61 million. Spria Company is a giant industrial edifice that includes 14 factories, operating in the chemical industry sector. It is considered one of the leading companies in the Middle East and exports its products to more than 53 countries around the world in the Middle East, Africa, Asia, Europe, South America and Australia.

Energy sector

The energy sector includes a group of subsidiaries working in the field of gas extraction and delivery, as well as electricity generation and delivery. During the first nine months of 2023, this sector achieved revenues of $140 million, while the total net profit reached $62 million. During this period, the performance of sector companies exceeded Energy expectations, as companies affiliated with natural gas distribution succeeded in increasing the number of home connections, especially filling connections, in addition to increasing government fees and home connection fees, in addition to the new contracts obtained by Kahraba Company.

North Sinai Petroleum

The company owns the North Sinai offshore field concession, and in the first nine months of 2023, the field achieved revenues of $44 million, while the total net profit reached $25 million. The future outlook for the North Sinai offshore field remains positive, especially since the company recently obtained initial approval to extend the concession for an additional 10 years until 2034. The company is now studying multiple opportunities for regional expansion.

Kuwait Gate Holding Company

Al-Kharafi pointed out that the Egyptian Kuwaiti Holding Company pumped investments worth $48 million to complete the procedures for the acquisition of an additional 9.5% stake in Kuwait Gate Holding Company, which will lead to increasing the holding’s direct and indirect stake in the Alexandria Fertilizer Company to 75%, indicating that This deal contributes to enhancing the dollar-denominated revenues and cash flows of the Egyptian Kuwaiti Holding Company.