Egypt Kuwait Holding plans to invest $170m in 2023

Daily News Egypt
2 Min Read

Egypt Kuwait Holding had announced its intention to invest about $170m this year.

Sherif El-Zayat, CEO and Managing Director of the company, said that about $50m has been allocated to drill two gas wells to complete the works in the North Sinai offshore concession field, while nearly $30m has been allocated to complete the MDF (pressed wood) production plant project, which is scheduled to start operating in the early second half from 2023. This brings the total investments directed to this plant to $120m.

He stated that the current year’s investments include $11m to add 20 megawatts to a power station, in addition to $70m to complete the purchase of minority stakes in subsidiaries.

The company’s profits increased by 60.4%, to $362.1m in 2022, compared to $225.7m in 2021.

It achieved revenues during the period of about $1.1bn, compared to $767.5m in 2021.

The company attributed the main reason for the increase in net profit for the year to the growth in operating revenues by 37.23% over the previous year, and the increase in net operating profit by 59.72% over the previous year.

The Board of Directors recommended a cash dividend of 44% of the par value of the share, or 11 cents, at a value of $123.96m.

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