$ 170 million.. Investments of the Kuwaiti Egyptian Holding in Egypt
The "Kuwaiti Egyptian Holding" is investing 170 million dollars in Egypt this year
Shrouq
The CEO and Managing Director of the Egyptian-Kuwaiti Holding Company, Sherif Al-Zayat, said that the company aims to invest $170 million in the Egyptian market this year.
$170 million investments
The $170 million will be distributed with 50 million dollars to drill new gas wells in Sinai through the subsidiary (Offshore North Sinai). $30 million for the "MDF" timber factory scheduled to start operating at the beginning of the second half of 2023, bringing the total investments directed to this factory to $120 million.
$11 million investments in electricity generation
The company plans to invest $11 million to add 20 megawatts to its electricity generation capacity; "In addition to $70 million to increase the holding shares in sister companies".
Al-Zayat says "between 60% and 70% of these investments will be self-financed, and the remaining percentage "may be through bank financing".
Record sales in 2022
The "Kuwaiti Egyptian Holding" achieved record sales in 2022, exceeding $1.1 billion, with annual growth of 30%, with the support of the nitrogen fertilizer and petrochemical sectors. Which resulted in a jump in net profit by more than 41% to record $241 million, up from $170 million in 2021.
All the company's activities saw an increase during the past year, led by the nitrogen fertilizer factories of urea, ammonia and ammonium sulfate.
The holding company, which has been operating in Egypt for about a quarter of a century, its cumulative investments have reached two billion dollars, Its shares are traded on the Egyptian and Kuwait stock exchanges.
