Egyptian-Kuwaiti Holding seals agreement with Germany’s HOMANN for manufacture of compressed wood

The Egyptian-Kuwaiti Holding Company signed a partnership agreement with the German HOMANN HOLZWERKSTOFFE, which works in the field of manufacturing compressed wood, reports say.
Per the deal, HOMANN HOLZWERKSTOFFE will acquire 27% of the Egyptian-Kuwaiti Holding’s stake in its subsidiary Global MDF Industries B.
This will take place in two phases, the first with a 16.2% stake in conjunction with the signing of the partnership contract, and the second with a 10.8% stake at the start of production. The profits of the Egyptian Kuwaiti Holding Company increased by 46.7% in 2021 to reach $225.7m, compared to a net profit of $153.88m in the previous year.
The holding saw its revenues increase to $767.5m, up from the previous year’s $557.9m. In addition, the cost of obtaining revenue during the same period rose to $466.3m, compared to 2020’s $378.4m.
The gross profit rose during the FY that ended last December to $301.2m, up from $179.5m.

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