EKH’s subsidiary opens new factories, revamp production lines: Egypt

EKH’s subsidiary opens new factories, revamp production lines: Egypt

Egypt Kuwait Holding Company (EKH) has launched new factories and revamped some production lines with EGP 1.4 billion in investments via its wholly owned subsidiary Sprea Misr, EKH stated on July 16th. The move will have a positive impact on EKH’s consolidated financial results, the statement read. Sprea Misr has inaugurated a new sulfuric acid factory with an annual capacity of 165,000 tons. Around 80% of the factory’s production will be directed toward EKH’s 69%-owned Alexandria Fertilizers Company. Moreover, the company has launched six new production lines, one of which will produce 3 million formica panels per year, to be fully exported. It has also boosted the production capacity of some existing factories. This includes adding the third and fourth lines for liquid sulfonated naphthalene formaldehyde to produce 88,000 tons annually. In the first quarter (Q1) of 2023, EKH’s consolidated profits excluding minority interest dropped 15.53% year-on-year (YoY) to $215.016 million. Egyptian Kuwaiti Holding is an Egypt-based investment company with a diversified portfolio of investments in sectors, including fertilizers and petrochemicals, energy, insurance, manufacturing, information technology, transport, and infrastructure. Copyright © 2022 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. ( Syndigate.info ).