Egypt Kuwait Holding Company(EKH), the leading investment company in the Middle East and North Africa (MENA) region, reported a 32 % increase in its revenues to reach $397 million in the first half of 2025, compared to the corresponding period of 2024, driven by growth across its various investments in Egypt.Net profit increased by 1% year-over-year to $101 million in the first half of 2025.
The year-over-year comparison was impacted by a one-off foreign currency gain of $49 million recorded in the first half of 2024. Excluding this gain, the company’s earnings would have more than doubled year-over-year.
“We are pleased to report a strong first half of 2025 marked by solid operational performance, growth across key subsidiaries and meaningful progress on our strategic roadmap,” said EKH CEO Jon Rokk.
The investment portfolio of EKH, which is listed on both the Egyptian and Kuwaiti Bourses, is diversified across various sectors and geographies, spanning Upstream Gas, fertilisers and petrochemicals, Gas Distribution, Electricity, and Insurance.
ONS, the company’s North Sinai Concession, reported a 9% increase in revenues to reach $31.2 million in the first half of 2025, driven by the expansion of production capacity following the reopening of old wells and the commissioning of two new wells at the end of 2024. Net profit reached $15.3 million in the first half of 2025, accompanied by an increase in the net profit margin to 49%, according to the company’s press statement on its financial results.
ONS anticipates achieving positive results in 2025, supported by stable production volumes from the recently commissioned wells and ongoing efforts to enhance operational efficiency. Furthermore, the company will continue to benefit from the 10-year extension of the concession agreement and the acquisition of the strategically located Fayrouz field concession.
Meanwhile, in the petrochemical sector, Sprea Misr’s revenues reached $89.6 million in the first half of 2025, a 21% year-over-year increase, driven by higher sales volumes as a result of the management’s strategy to enhance market share. Net profit in the first half of 2025 reached $18.2 million, with a net profit margin of 20%.
Sprea’s medium-term outlook remains favorable, as local prices continue to stabilise at current inflationary levels with demand continuing to benefit from the ongoing recovery in construction activity, and on management’s efforts to expand its footprint both locally and abroad. The disclosure highlighted that exports increased to represent 21% of total sales in 2Q25, up from 17% in 1Q25.
AlexFert, EKH’s fertilizers investment in Egypt, reported sales of $118 million in the first half of 2025, an 11% year-over-year increase. This was driven by a 19 per cent rise in global urea prices, averaging $396 per ton. Net profit was $40.3 million, with the net profit margin also increasing by 2% year-over-year to 34% in the first half of 2025.
AlexFert is expected to show strong operational performance as management continues to flexibly address raw material supply challenges. Financial performance is anticipated to improve, with global urea prices continuing to rise through the end of the year, surpassing the $400 per ton mark in June and exceeding $476 per ton in July, according to the disclosure.
“At AlexFert, while feedstock interruptions during the second quarter weighed on utilization, the impact on performance was far softer relative to last year, with double-digit y-o-y growth recorded across both revenue and net profit.
“Our focus remains on implementing a disciplined and adaptive strategy, one that focuses on diversifying our portfolio across sectors and geographies, while rationalizing and rebalancing our asset base to unlock value as well as ensure resilience and sustainable growth,” EKH Chairman Loay Jassim Al-Kharafi, noted.
Al Kharafi presented developments in the company’s out-of-Egypt investments, noting that EKH commenced operations in Saudi Arabia, supplying natural gas to industrial customers while serving the rapidly growing Dammam Industrial City 3. Moreover, the company’s greenfield project in the United Kingdom is nearing financial close, according to Al-Kharafi, with full details to be disclosed shortly thereafter.
“We remain on track with our corporate identity transformation, with the Board having resolved to call for a General Assembly meeting to vote on changing the company’s name to “Valmore Holding.” This new identity builds on the success we have achieved as Egypt Kuwait Holding, while aligning our positioning with our future growth plans and international expansion strategy. It reflects our ambition to transform EKH from a leading regional investment platform into a world-class global investment company.” He said.
During the second quarter of 2025, the company recorded significant revenue growth to reach $215 million, a 75% year-over-year increase and an 18% quarter-over-quarter increase. This resulted in a more than twofold year-over-year increase in net profit and a 57% quarter-over-quarter increase to reach $61.9 million, reflecting the positive impact of efforts to streamline the group’s financial position to create and maximize value, noted the company’s statement.
