Egypt Kuwait Holding 2007 net surges 85 percent

CAIRO, March 2 (Reuters) - Egypt Kuwait Holding EKHO.CA (EKHK.KW: Quote, Profile, Research) posted an 85 percent jump in consolidated net profit in 2007 to $104.03 million, the company said on Sunday.
Consolidated net profit in 2006 was $56.18 million after being adjusted according to the new Egyptian accounting standards, the company said in a statement to the stock exchange.
Egypt Kuwait Holding said its 2007 profit represented a 60 percent return on paid-in capital.
The company, which has diverse holdings in the fertiliser, energy, insurance and agriculture sectors, said its board approved the unaudited results on Thursday.
The board also recommended the payment of dividends and giving free shares, each worth 10 percent of paid-in capital, but the move would still need the approval of shareholders meeting.
Egypt Kuwait Holding has a 10 percent stake in a joint venture with partners including South Valley Cement SVCE.CA to establish a new cement company with a capital of 600 million Egyptian pounds ($109.49 million).
Egypt Kuwait Holding said last month that one of its affiliates had made a significant oil discovery in Egypt in the North Shadwan Concession located in the Gulf of Suez.
Shares in the company, which has a market capitalisation of $2.5 billion, last traded 2.5 percent lower at $3.51 on Sunday. ($1=5.48 Egyptian pounds) (Reporting by Wael Gamal; Editing by Erica Billingham)