The Egyptian-Kuwaiti Holding Company signed a partnership agreement with the German HOMANN HOLZWERKSTOFFE, which works in the field of manufacturing compressed wood.
The company explained that the partnership agreement includes HOMANN HOLZWERKSTOFFE acquiring 27% of the Egyptian-Kuwaiti Holding’s stake in its subsidiary Global MDF Industries B.
It added that the acquisition deal will be implemented in two phases, the first with a 16.2% stake in conjunction with the signing of the partnership contract, and the second with a 10.8% stake at the start of production.
The profits of the Egyptian Kuwaiti Holding Company increased by 46.7% in 2021 to reach $225.7m, compared to a net profit of $153.88m in the previous year.
Revenues also increased to $767.5m, up from the previous year’s $557.9m.
Furthermore, the cost of obtaining revenue during the same period rose to $466.3m, compared to 2020’s $378.4m.
Additionally, gross profit rose during the FY that ended last December to $301.2m, up from $179.5m.