New ISO ESG Implementation Principles provide int’l guidance to streamline ESG practices
New ESG Implementation Principles launched the International Organization for Standardization (ISO) at the 29th United Nations ...
EKH regional expansions promote growth, sustainability strategy
Egypt Kuwait Holding (EKH)’s regional expansions are meant to promote the company’s growing regional presence to drive growth and add resilience to its business, aligning with its long-term strategy for sustainability and enhanced shareholder returns.
Commenting on the Group’s performance, EKH Chairman Loay Jassim Al-Kharafi said “In the face of formidable global challenges, I am pleased to announce that EKH has demonstrated remarkable resilience and strong performance throughout 2023. This success is further bolstered by solid profitability metrics, including a strong gross profit margin and EBITDA, which have contributed to impressive revenues for the year. Additionally, this achievement has led to an increased attributable net income for our shareholders.”
“In 2023, EKH strategically invested over $ 250 million, reinforcing our commitment to sustained growth and diversification. Our initiatives included bolstering our product and service portfolio, pursuing opportunities in new markets, and enhancing vertical integration. Additionally, we increased our stake in AlexFert to boost export sales and secure higher USD-denominated revenues,” he said.
“In line with our commitment, we are pleased to propose a dividend distribution of USD six cents per share to our esteemed shareholders at the upcoming general assembly, supported by our robust operational performance, healthy cash flows, and a resilient balance sheet.” Al-Kharafi said.
“On the Fertilizers front, EKH doubled formica sheets production, inaugurated a new SNF factory, and launched a state-of-the-art sulfuric acid facility, contributing to feedstock for the Group’s portfolio products. At AlexFert, EKH increased ownership to over 75%, enhancing USD-denominated revenues.”
“In the Energy and Energy-Related Segment, NatEnergy’s subsidiaries expanded installations, connecting over two million households. Meanwhile, at Kahraba, NatEnergy’s power distribution and generation subsidiary, the company’s successive investments over the years have increased power generation capacity to 135 MW, while on the distribution front, capacity has already passed 350 MW as of 2024, with plans for further expansion to 645 MW by 2030.”
At ONS, the company’s strategic plan to optimize reserve management, extend well-life, and enhance production efficiency has borne fruit. ONS expanded the concession area by 140 km2, totaling 440 km2. With a $ 70 million capex for Phase-3B (2023 to Q1 2024), two new wells (ATON1 + KSE2) have been drilled in the new extension area using WH platforms, ensuring the continuation of the company’s operational success.
Finally, the significant contributions of Delta Insurance and Mohandes Insurance teams have played a pivotal role in ensuring the resilient performance of the companies amidst a challenging operating environment. Additionally, EKH’s microfinance subsidiary, Bedyati, consistently maintained a robust bottom line.
Furthermore, the management is pleased to highlight the upcoming commencement of operations at the Nile Wood production facility in 2024, a joint venture with Homann Holzwerkstoffe GmbH that enhances the group’s strategic positioning.
اترك تعليقا