Cairo – Mubasher: Egypt Kuwait Holding (EKH) achieved a surge of 92.7% in profits during fiscal year 2017 compared to the previous year.

EKH’s consolidated earnings soared to $138.18 million in FY17 from $71.7 million in FY16, according to a bourse statement to the Egyptian Stock Exchange (EGX) on Sunday.

The company, which is listed on Boursa Kuwait and the EGX, noted that the increase in the consolidated profits is attributed to a growth of 230% in the fertilizers activity as well as a rise of 1.7% in revenues to $348.7 million in FY17 from $343.07 million in FY16.

EKH’s standalone profits shrank to $21.4 million in FY17 compared to $32.3 million in the previous fiscal year.