Valmore Holding · EGX:VLMR
Valmore — Egypt Kuwait Holding — Investor Presentation (February 2025)
35 slides from Valmore's investor presentation, February 2025
Slide 1: Egypt Kuwait Holding Investor Presentation FY2024
Egypt Kuwait Holding Egypt Kuwait Holding Investor Presentation FY 2024 February 2025
Slide 2: EKH Overview
EKH OVERVIEW 2
Slide 3: EKH | A Leading MENA-Based Investment Company
EKH | A LEADING MENA-BASED INVESTMENT COMPANY Egypt Kuwait Holding Company (EKH) is one of the MENA region’s fastest- growing and prominent investment companies, established in 1997 by a USD642mn USD248mn USD163mn FY24 Revenue FY24 EBITDA FY24 Attrib. Net Profit consortium of Kuwaiti and Egyptian bu
Slide 4: Diverse Portfolio | Investments Across Five Strategic Sectors
DIVERSE PORTFOLIO | INVESTMENTS ACROSS FIVE STRATEGIC SECTORS Chemicals Building Materials Utilities Oil and Gas Non-Banking Financial Services Natural Gas & Exploration & Consumer & Fertilizers Petrochemicals MDF Electricity Distribution Insurance Production Microfinance & Production • 110k m² faci
Slide 5: Charting Success | Investment Milestones
CHARTING SUCCESS | INVESTMENT MILESTONES ▪ Launched MTO and increased stake in Delta 2018 Insurance to reach 56.51% ▪ Established Egyptian Tanker Company (ETC) 1997 ▪ Established EKH 2006 ▪ Established Gas Chill Company - ▪ Acquired Shield Gas – based in the UAE ▪ Acquired a 24.99% stake in of Al Mo
Slide 6: Unlocking Value | The Investment Case for EKH
UNLOCKING VALUE | THE INVESTMENT CASE FOR EKH Diversified, resilient portfolio Experienced management team Multiple Investments, with superior cashflow ` Proven track record across multiple sectors generation, diversified across various sectors and geographies and geographies to mitigate market risk
Slide 7: Our Strategy
OUR STRATEGY 7
Slide 8: Transforming to Maximize Value | The Strategic Approach for EKH
TRANSFORMING TO MAXIMIZE VALUE | THE STRATEGIC APPROACH FOR EKH Optimise core portfolio Diversify and grow foreign currency Leverage competitive advantages, improve cost efficiency, Explore new sectors, grow export capabilities, and expand and propel export potential to maximize profitability and in
Slide 9: Our Investments
OUR INVESTMENTS 9
Slide 10: AlexFert | Overview
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services ALEXFERT | OVERVIEW Alexandria Fertilizers Company (AlexFert) is an established player in the fertilizer production space producing ammonia, urea, and ammonium USD213mn USD95mn USD61mn sulphate, with exports to key mar
Slide 11: AlexFert | Financial and Operational Performance
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services ALEXFERT | FINANCIAL AND OPERATIONAL PERFORMANCE Y-o-y decline in FY24 due to limited feedstock EBITDA margins remained strong at 44% and 50%, in NPM expanded by 2pp and 5pp y-o-y in FY24 and 4Q24, availability and slo
Slide 12: Sprea Misr | Overview
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services SPREA MISR | OVERVIEW Sprea is engaged in the production of 19 different petrochemical products at its state-of- the-art downstream petrochemicals production facility USD133mn USD48mn USD62mn located in 10th of Ramadan
Slide 13: Sprea Misr | Financial Performance
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services SPREA MISR | FINANCIAL PERFORMANCE 4Q24 revenues1 grew 50% y-o-y and 16% q-o-q,driven by higher Net profit1 grew 92% y-o-y, in 4Q24, with NPM up 8pp y- EBITDA margin expanded to 31% in 4Q24, volumes and pricing growth
Slide 14: Sprea Misr | Key Products and Revenue Distribution
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services SPREA MISR | KEY PRODUCTS AND REVENUE DISTRIBUTION Revenue Revenues (USDmn) Distribution by KEY Product | FY24 PRODUCTS Fomaldehyde and Formica Melamine and Urea Liquid SNF Formurea Sheets Compound 0.2% Formaldehyde &
Slide 15: Sprea Misr | Product Offering
SPREA MISR | PRODUCT OFFERING Product Range Overview Sulfuric Acid Formaldehyde Liquid Sulfonated Phenol FD Resin & Melamine Molding Naphthalene Melamine FD Liquid Urea Formaldehyde Urea Resin Compound Formaldehyde Impregnated Kraft Impregnated Urea Molding Novolac SNF Powder Powder Glaze Urea FD Li
Slide 16: Nilewood | Overview
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services NILEWOOD | OVERVIEW Nilewood, a joint venture between EKH and Germany's Homann Holzwerkstoffe, is an upcoming MDF production company. Its state-of-the- EGP3.6bn 1H25 73% art facility, currently under commissioning, is
Slide 17: NatEnergy | Overview
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services NATENERGY | OVERVIEW NatEnergy is the largest private sector operator of natural gas pipelines in the MENA region, with ownership stakes in four subsidiaries in Egypt— USD117mn USD32mn USD36mn NATGAS, Fayum Gas, Nubari
Slide 18: NatEnergy | Financial Performance
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services NATENERGY | FINANCIAL PERFORMANCE Revenue growth was driven by stellar volume growth at Kahraba Both Gross profit and EBITDA margins rose 6pp q-o-q to 30% Net profit grew 49% y-o-y and 56% q-o-q, with NPM expanding by
Slide 19: Offshore North Sinai (ONS) | Overview
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services OFFSHORE NORTH SINAI (ONS) | OVERVIEW On the upstream front, ONS operates five wells within a 443 km2 concession situated 65 km offshore North of Port Said city. The facilities USD62mn USD50mn USD31mn include a pipelin
Slide 20: Offshore North Sinai (ONS) | Financial & Operational Performance
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services OFFSHORE NORTH SINAI (ONS) | FINANCIAL & OPERATIONAL PERFORMANCE Revenues increased 7% y-o-y in FY24, driven by increased extracted volumes (also up 7% EBITDA margins remained strong at 81% in FY24, supported by strong
Slide 21: Non-Banking Financial Services | Overview
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services NON-BANKING FINANCIAL SERVICES | OVERVIEW EKH’s NBFS portfolio consists of two leading Egyptian insurance companies, Delta Insurance and Mohandes Insurance, in addition to one rapidly USD64.7mn USD24.0mn USD14.5mn grow
Slide 22: Consolidated Performance
CONSOLIDATED PERFORMANCE 22
Slide 23: Consolidated Performance | Income Statement Highlights
CONSOLIDATED PERFORMANCE | INCOME STATEMENT HIGHLIGHTS Revenues (USDmn) EBITDA (USDmn) | Margin Net Profit (USDmn) | Margin Attrib. Net Profit (USDmn) | Margin 1,104 516 CAGR: CAGR: +2% 213 +1% 73 CAGR: 362 241 833 (20%) (31%) CAGR: 801 +5% 61 47 +9% 367 359 (9%) 186 142 49 179 186 642 171 603 85 (1
Slide 24: Stock and Shareholder Returns
STOCK AND SHAREHOLDER RETURNS 24
Slide 25: Stock Information | Dual-Listed with a Diverse Shareholder Base
STOCK INFORMATION | DUAL-LISTED WITH A DIVERSE SHAREHOLDER BASE EKH is listed on both the Egyptian Exchange (EGX) and Kuwait Stock Exchange (Boursa Kuwait) Share Information1 EGX Boursa Kuwait Currency EGP USD KWD Number of shares 341,921,398 201,712,212 583,251,677 Reuters ticker EKHOA.CA EKHO.CA E
Slide 26: Shareholder Returns | Consistent Dividend Payouts Since 2007
SHAREHOLDER RETURNS | CONSISTENT DIVIDEND PAYOUTS SINCE 2007 Total of +USD939 million in dividends paid out since 2007 Stock Dividend Stock Dividend 1:10 Cash Dividend Cash Dividend Cash Dividend Cash Dividend 1:10 USD 0.027/share USD 0.011/share USD 0.072/share USD 0.072/share 2007 2008 2009 2010 2
Slide 27: Analyst Consensus | Overweight Ratings with Significant Upside for EKH
ANALYST CONSENSUS | OVERWEIGHT RATINGS WITH SIGNIFICANT UPSIDE FOR EKH Upside as of Upside as of Research House Publication Date Target Price Rating Publication Date 31-Dec-24 28-Nov-24 USD1.19 +57% +49% OVERWEIGHT 5-Jan-25 USD1.26 +33% +53% +57% BUY 17-Dec-24 USD1.00 +26% +25% BUY 16-Oct-24 USD1.25
Slide 28: Appendix
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Slide 29: Board of Directors
BOARD OF DIRECTORS Loay Jassim Al-Kharafi Adel Al-Alfi Jon Rokk Moataz Al-Alfi Chairman of the Board Vice Chairman of the Board CEO Member of the Board (Non-Executive) (Non-Executive) (Executive) (Non-Executive) Sheikh Mubarak Abdulla Al- Saad Al-Saad Hussein Al-Kharafi Talal Jassim Al-Kharafi Mubar
Slide 30: Management Team
MANAGEMENT TEAM Jon Rokk Medhat Bonna Khaled El-Demerdash Tamer Badrawi Chief Executive Officer Group Chief Financial Officer Group Legal Counsel Chief Human Resources Officer Wael El Hatow Passant Fouad Hany Ezzat Hany Azzam Chief Investment Officer Chief Marketing and Public Group Treasurer Head o
Slide 31: Consolidated Income Statement | FY24
CONSOLIDATED INCOME STATEMENT | FY24 (in USD) 4Q24 4Q23 FY24 FY23 Total Revenues 166,733,071 212,657,964 641,836,493 801,090,231 COGS 97,460,807 121,495,720 384,671,157 443,558,588 Gross Profit 69,272,264 91,162,244 257,165,336 357,531,643 % Margin 42% 43% 40% 45% Selling Expenses 1,169,280 791,350
Slide 32: Consolidated Balance Sheet | FY24
CONSOLIDATED BALANCE SHEET | FY24 (in USD) FY24 FY23 (Cont’d) FY24 FY23 Property, plant and equipment and projects under construction 239,776,509 306,061,742 Issued & paid-up capital 281,721,321 281,721,321 Investment properties 343,848 884,463 Legal reserve 137,960,942 133,896,975 Goodwill 41,626,9
Slide 33: Consolidated Cash Flow Statement | FY24
CONSOLIDATED CASH FLOW STATEMENT | FY24 (in USD) FY24 FY23 (in USD) FY24 FY23 Net profit for the period before income tax 239,118,539 287,383,713 Cash flows from investing activities Adjustments for: Depreciation & amortization 50,612,676 61,780,892 Interest collected 14,744,945 18,614,781 Company's
Slide 34: Disclaimer
Disclaimer This presentation was prepared by Egypt Kuwait Holding S.A.E. (“EKH”) and is strictly confidential and may contain market sensitive information. All recipients hereof who are permitted to receive the same are bound by the restrictions on disclosure and use and other terms thereof. The pro
Slide 35: Investor Relations Contact Information
Investor Relations Contact Information Omar Nashaat Investor Relations Director onashaat@ekholding.com (+202)33363300 Maryam Saleh Investor Relations Associate mhaytham@ekholding.com (+202)33363300 IR Website: ir.ekholding.com Egypt Kuwait Holding | Investor Presentation
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