Egypt Kuwait Holding Company’s net income grew 34% y-o-y in 4Q2021 to record USD 36.1 mn, according to the company’s earnings release (pdf). Revenues rose 66% y-o-y for the quarter to record USD 243.8 mn. EKH reported 47% y-o-y bottomline growth in 2021 to record USD 170.9 mn, on revenues of USD 833.4 mn, up 38% annually.

EKH attributed its top- and bottom-line growth to the fertilizer and petrochemicals segment, whose revenues rose 51% y-o-y in 2021 to record USD 447.9 mn. Revenues from the ins. and diversified segment also saw 51% annual growth in 2021 to record USD 186.6 mn.

EKH welcomes a new chairman: EKH’s board of directors signed off on appointing Vice Chairman Loay Jassim Al Kharafi as company chairman after former head Moataz Adel Al Alfi stepped down from the head of the table, according to a disclosure to the bourse (pdf). Al Alfi will stay on as a board member.

Madinet Nasr Housing and Development’s (MNHD) consolidated net income dropped 71.5% y-o-y in 2021 to record EGP 282 mn, according to the company’s earnings release (pdf). Revenues dropped 28% y-o-y to record EGP 2.23 bn for the year. The release attributed the drop in income and revenues to a fall in large land sale transactions.

The breakdown: The company recorded EGP 2.95 bn in total pre-sales last year, dropping 57.9% y-o-y. MNHD also “took measures to scrutinize its receivable portfolio by canceling contracts with some defaulted clients, repricing, and resale of recovered units,” which played a part in its lowered net income and revenues for the year.

State-owned Misr Ins. Holding Company’s net income grew 5.2% y-o-y in FY2020-2021, recording EGP 4.4 bn, the cabinet announced in a statement yesterday. The firm issued a total of EGP 17.5 bn in premiums, up 20.5% from the previous year, while its investments increased 23.8% to reach EGP 75.7 bn. Misr Ins. subsidiary Misr Life Ins. is looking to list 25% of its shares in an IPO during 2H2022, as part of the state privatization program.