Egypt Kuwait Holding raised its equity ownership in Bawabet Al-Kuwait Holding Company (BKH) by 13.12% for almost USD 66.4 million.
The stock exchange said in a statement today, Monday, that Egypt Kuwait Holding Company’s in BKH stake would rise to 84.79%.
The statement also indicated that BKH acquired 59.82% equity in Alexandria Fertilizers Company, hence, the direct and indirect ownership percentage of Egypt Kuwait Holding increased to 69.42% from 61.57%.
Egypt Kuwait Holding Company recorded a 1.81% annual increase in profits in the fourth quarter ended 31 December 2022. The Company also proposed to distribute cash dividends, as it achieved a profit of USD 26.05 million in the same period, compared to a profit of USD 25.58 million in the corresponding period of 2021.
The company experienced a year-on-year increase of 48.74% in profits, with a recorded profit of USD 209.4 million in 2022, compared to USD 140.74 million in 2021.
The company issued a statement stating that the primary reason for the rise in net profit for the year was the 37.23% growth in operating revenues compared to the previous year, along with a 59.72% increase in net operating profit over the same period.
The Board of Directors suggested distributing cash dividends in the amount of 44% of the nominal value of the share, which is equivalent to around 11 cents or approximately 33.69 fils per share. The total value of this distribution is USD 123.96 million (equivalent to KWD 37.97 million).