Wed, 24 Mar 2021 - 03:10 GMT
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CAIRO – 24 March 2021: Egypt Kuwait Holding Company aims to invest $ 300 million during 2021 and 2022, bringing the company's total investments from $ 1.6 billion to $ 1.9 billion, according to Managing Director of the company, Sherif Al-Zayat.
Al-Zayat added in a statement to the Egyptian Exchange (EGX) that the new investments include $ 100 million to buy minority stakes in the subsidiary company, in addition to acquisitions and the establishment of new economic entities.
The managing director of the company indicated that investments also include $ 200 million in completing existing investment projects and establishing new investment projects.
He explained that the investments include $80 million to complete the project to establish Egypt for the production of compressed wood, and $75 million to develop a number of productive wells in the North Sinai Marine concession area owned by the subsidiary company Nasco Investment Ltd.
The investments also include $ 15 million to increase the generating capacity of Borg Al Arab station owned by the subsidiary "National Electricity Technology" Kahraba ", $ 18 million to establish a plant for producing sulfuric acid, and $ 12 million to increase the production capacity of the fumica production line of the subsidiary company, Sabria Egypt.
The company achieved a net profit during 2020, amounting to $116.296 million, compared to $115.601 million during 2019, taking into account the minority rights.
The net profit of the owners of the parent company was about $ 116.3 million in 2020, compared to $ 115.6 million in 2019.
The revenues increased during 2020 to reach $557.89 million, compared to $523.941 million during the previous year.