Egypt Kuwait Holding (EKH) (EKHO.CA, EKHOA.CA, and EKHK.KW) has announced strong full-year 2024 results, demonstrating resilience amid macroeconomic challenges and market volatility. The company reported revenues of USD 642 million, with net profit reaching USD 185 million, marking a 2pp year-on-year (y-o-y) expansion in net profit margin to 29%.
During 4Q 2024, EKH recorded USD 167 million in revenues, reflecting a 9% quarter-on-quarter (q-o-q) increase, driven by portfolio-wide growth. Net profit surged 20% q-o-q to USD 46 million, while gross profit and EBITDA margins remained strong at 41% and 42%, respectively. Attributable net income for the quarter stood at USD 39 million.
Chairman’s Perspective: A Year of Growth & Expansion
EKH Chairman Loay Jassim Al-Kharafi expressed confidence in the company’s performance, stating:
“Despite the challenges of 2024, including currency fluctuations and gas supply disruptions, EKH has emerged stronger, reinforcing our foundation for sustainable growth. Our portfolio resilience is evident in rising product prices and volumes, reflecting our strategic positioning in key sectors.”
He also emphasized EKH’s commitment to:
Expanding global investments with a first Saudi project launching soon
Diversifying beyond MENA with a major international investment in 2025
Managing currency exposure and targeting high-growth markets
Balancing shareholder returns through cash and stock dividends
CEO’s Insight: A Testament to Resilience & Agility
EKH CEO Jon Rokk highlighted the company’s adaptability in a volatile year, stating:
“Our strong Q4 results demonstrate our ability to navigate challenges, seize opportunities, and drive growth. This success is driven by our people’s dedication and strategic agility.”
He pointed out key business unit performances:
AlexFert: Revenue up 26% q-o-q, driven by rising urea export prices and full-capacity operations
NatEnergy: 15% q-o-q revenue growth, with Kahraba’s power distribution surging 62% y-o-y
ONS: 32% y-o-y revenue growth, backed by two newly drilled wells (Aton-1 & KSE2)
Looking ahead, Rokk announced a 2025 corporate rebrand, positioning EKH as a future-driven, dynamic enterprise.
Sector Performance Highlights:
4Q 2024 Revenue: USD 59 million (+26% q-o-q)
Net Profit: USD 29 million, with net margin expanding to 49%
2024 Revenue: USD 213 million, supported by steady natural gas supply and rising urea prices
Outlook: Continued price recovery, with global urea prices averaging USD 387/ton in Jan 2025
Petrochemicals Sprea Misr
4Q 2024 Revenue: EGP 1.54 billion (+50% y-o-y, +16% q-o-q)
Net Profit: EGP 546 million (+92% y-o-y), with profit margin rising to 36%
2024 Revenue: EGP 5.84 billion, driven by local price recovery and strong SNF demand
Utilities NatEnergy
4Q 2024 Revenue: EGP 1.6 billion (+46% y-o-y)
Net Profit: EGP 505 million (+49% y-o-y)
2024 Revenue: EGP 5.3 billion, driven by expanding power distribution and tariff increases
Investment Focus: New substation in 10th Ramadan to support industrial growth
Oil & Gas ONS
4Q 2024 Revenue: USD 19 million (+32% y-o-y, +25% q-o-q)
Net Profit: USD 9 million, with net margin expanding to 47%
2024 Revenue: USD 62 million, driven by sustained gas production at 55 MMSCFD
Strategic Growth: 10-year concession extension supports long-term expansion
NBFS & Diversified
4Q 2024 Revenue: USD 25 million, with gross margin rising to 59%
Insurance Growth: Delta & Mohandes Insurance net profit up 72% & 27% y-o-y, respectively
Future Outlook: Nilewood to launch MDF production in 1H 2025
Future Outlook & Strategic Growth
With strong financials and a diverse investment pipeline, EKH is well-positioned for 2025 and beyond. The company’s expansion beyond MENA, focus on high-growth markets, and commitment to sustainable returns will drive long-term shareholder value.
For full financial statements and earnings reports, visit ir.ekholding.com
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