Bang & Olufsen Kuwait transferred from Marafie Group to BNK Holding
KUWAIT: Following mutual agreement, Bang & Olufsen Kuwait has been transferred from Marafie Group of Companies to Bader Nasser Al-Kharafi Group (BNK Holding). The announcement was made in an event attended by BNK Holding's owner Bader Nasser Al-Kharafi and Vice Chairman and CEO of Marafie Group Abdul Hakim Abdul Fattah Marafie.
B&O is a Danish high-end consumer electronics company founded in 1925 that designs and manufactures high-quality audio and video products. It collaborates with star designers, including Jacob Jensen and David Lewis, who have helped create a unique design identity for the brand that combines modernity with simplicity.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Kuwait Times
2 days ago
- Kuwait Times
Bang & Olufsen Kuwait transferred from Marafie Group to BNK Holding
KUWAIT: Following mutual agreement, Bang & Olufsen Kuwait has been transferred from Marafie Group of Companies to Bader Nasser Al-Kharafi Group (BNK Holding). The announcement was made in an event attended by BNK Holding's owner Bader Nasser Al-Kharafi and Vice Chairman and CEO of Marafie Group Abdul Hakim Abdul Fattah Marafie. B&O is a Danish high-end consumer electronics company founded in 1925 that designs and manufactures high-quality audio and video products. It collaborates with star designers, including Jacob Jensen and David Lewis, who have helped create a unique design identity for the brand that combines modernity with simplicity.
Kuwait Times
21-05-2025
- Kuwait Times
Global retailers may spread tariff pain by raising prices outside US
LONDON/FRANKFURT: Global retailers including sandal maker Birkenstock and jeweler Pandora are looking at spreading the cost of US tariffs by raising prices across markets to avoid big hikes in the United States that could hurt sales. A global presence gives large retailers an advantage to minimize higher tariff costs in the US. But it is putting central banks on watch as the strategy could fuel inflation in other markets like the European Union and Britain, where consumer prices have finally started to stabilize. Birkenstock's chief financial officer said last week that a 'low-single-digit' price increase globally would be enough to offset the US tariff impact. Pandora CEO Alexander Lacik said the Danish company is debating whether to raise prices globally or more in the US, its biggest market. 'Companies are really thinking about distributing the tariff,' said Markus Goller, partner at consultancy Simon Kucher in Bonn, Germany. 'A manufacturer from outside of the US might say, OK, I cannot increase my prices to the US market that much, so I will do a little increase in the US, and a little increase in Europe, and in other markets.' US President Donald Trump has imposed a blanket tariff of 10 percent on all global imports and is threatening higher so-called 'reciprocal' tariffs on its trading partners. When US behemoth Walmart said it would have to raise prices in response to tariffs, Trump ordered the world's biggest retailer via social media to 'eat the tariffs'. Announcing price increases in non-US markets could be a way for retailers to avoid a similar backlash from Trump. 'Obviously if your products coming into the US are now subject to tariffs, then math says that you have to raise your prices in the US,' said Jean-Pierre Dubé, professor of marketing at the University of Chicago Booth School of Business. 'But you don't want to be accused by the White House of raising prices purely because of US tariffs, so if you can demonstrate that your prices are going up everywhere then... it's kind of a shield.' Retailers could raise prices on certain products or in certain markets where consumers are less price-sensitive, and use that to subsidize other products or countries where price hikes would hurt sales more, said Jason Miller, professor of supply chain management at Michigan State University. 'Maybe a US-only firm has to raise (US) prices by 12 percent. But you, as a global firm, raise prices by 8 percent because you can play with pricing in other markets,' he said. If many multinational retailers do spread the tariff pain, higher inflation could spread even to countries which, like Britain, have already struck trade agreements with the US in a bid to minimize the economic fallout of tariffs. Bank of England Governor Andrew Bailey earlier this month raised the issue of 'global companies that don't make that distinction [on tariff rates] and just say, we're going to impose a pricing solution which goes right across the world irrespective of those differences.' 'I think we do have to watch that carefully,' he said. In the eurozone, inflation was finally gliding towards the European Central Bank's 2 percent target. European companies surveyed by the European Central Bank (ECB) in late March said price growth in the retail sector was subdued. But that was before Trump unveiled his tariff policy on April 2, and later hiked tariffs on Chinese goods to 145 percent. However, the US tariffs on China - lowered last week to 30 percent - have allowed some European retailers to source goods more cheaply than before. Martino Pessina, CEO of Takko Fashion, which sells clothes in 17 European countries, said suppliers in China had offered lower prices as US retailers cancelled orders from factories there, and shipping costs also fell. 'What we don't know is if there's going to be inflation in the US and if that inflation comes to Europe or not,' Pessina said. Some big retailers have in any case ruled out raising prices outside the US. 'There is no reason to raise prices outside the U.S. because of the tariffs,' Adidas CEO Bjorn Gulden told investors after reporting results late last month. 'The discussion we're having on tariffs is only for the US.' ECB executive board member Isabel Schnabel has said the euro zone's inflation rate may initially dip below the central bank's 2 percent target, but that tariffs might prove inflationary further down the road. While every company has its own pricing strategy, economists warn some could take advantage of tariffs to raise prices by more than rising costs, boosting their profits similarly to the inflation surge of 2021-2022 during the pandemic. -- Reuters
Arab Times
18-05-2025
- Arab Times
Egypt Kuwait Holding achieves 44% year-on-year growth in normalised earnings for Q1 2025, while advancing strategic transformation and geographic expansion plans
KUWAIT / EGYPT, May 18: Kuwait Holding Company ( and on the Egyptian Exchange and on Boursa Kuwait), one of the MENA region's leading investment companies, reported today its consolidated results for the quarter ended 31 March 2025. EKH recorded revenues of USD 195million for 1Q 2025, marking a 1% y-o-yincrease and a solid 17% sequential growth, driven by stronggrowth momentum across the portfolio, particularly in the fertilizer and petrochemicalsectors, underpinned by operational efficiency and favourable market dynamics. The Group maintained healthy profitability, with gross profit and EBITDA margins recording 39% and 38% respectively, supportedby efficient cost management and sustained operational strength of core business segments. Meanwhile, net profit recorded USD 39.5 million compared to USD 72.0 million in 1Q 2024, the latter of which was boosted by FX gains amounting to USD 40.2 million. Excluding the impact of FX gains, net profit for the first quarter of 2025grew by a normalised24% y-o-y. Net profit margin came in at 20% during 1Q 2025. Net profit attributable to equity holders amounted to USD 34.1mn in 1Q25, compared to USD 62.6mn in 1Q24 which included 39.0mn in FX gains. Excluding 1Q24 FX gains, attributable net profit grew by a normalised 44% y-o-y in 1Q25. Commenting on the Group's performance and business outlook, EKH Chairman Loay Jassim Al-Kharafi:'I am pleased to report that we started off 2025 with continuous momentum, delivering resilient performance amid a fluid macroeconomic backdrop. This quarter, we successfully advanced our transformation agenda while maintaining healthy contributions across key sectors, including fertilizers, petrochemicals, and utilities. Our revenue base continues to benefit from meaningful USD-linked income, providing natural resilience to currency risk. Diversifying and growing our FX profile remains a core strategic priority, supported by our expanding international footprint and focus on export-oriented sectors. Strategically, we have made notable progress. We are set to kickstart commercial operations in Saudi Arabia by the end of 2Q25, this marks our first fully owned investment in the Kingdom as well as a key milestone in our regional expansion plans. Our MDF project, Nilewood, is in the final commissioning phase and remains on track to commence operations shortly. Meanwhile, we are nearing closure of our first investment in Northern Europe — a greenfield project representing a strategic entry into a high-growth and hard currency-generating sector. During the OGM in April, our shareholders approved the Board's recommendation for the distribution of both cash and stock dividends for FY24, in line with our commitment to delivering value while maintaining flexibility for recycling capital. As we continue to develop EKH into a more globally oriented investment platform, we remain focused on disciplined execution, responsible investment, as well as sustainable growth and return generation' Commenting on the Group's 1Q2025 results, EKH CEO,Jon Rokk: 'I am proud to share that EKH's first quarter results reflect disciplined execution and solid underlying growth throughout key businesses, supported by operational resilience across our portfolio and continued progress on strategic priorities. Revenue rose 1% y-o-y and 17% q-o-q, supported by strong operational performance. AlexFert delivered double-digit top-line growth across both comparable periods, driven by improved urea export pricing and a more stable gas supply during the quarter. Sprea posted robust EGP-denominated revenue growth, supported by higher sales volumes on the back of the company's strategy to grow its market share. NatEnergy's EGP-based revenue recorded solid growth, driven by rising household connections and improved profitability. Kahraba, now reported as a standalone business within our portfolio, continued to post strong growth in electricity distribution volumes. At ONS, we witnessed a temporary reduction in output due to planned maintenance workthat was finalized in February, with operations now reverting to normal run rates. The divestment of Shield Gas in the UAE marked another milestone in our portfolio optimisation strategy. Meanwhile, the Delta Insurance sale process remains on track, with bidders currently in the due diligence we continue to recycle capital with the aim of value creation, we remain focused on unlocking higher returns and aligning our portfolio with our long-term strategic priorities. Our upcoming corporate rebrand will go beyond a mere change in visual identity; rather, it will reflect our shift towards a more agile, global investment company, better positioned to scale proven platforms across borders. We continue to optimise our organisation to render it fit for purpose as well as invest in our people, equipping them with the necessary tools and frameworks to consistently deliver exceptional results. As we look ahead, we remain focused on executing with discipline, investing for growth, and accelerating our transformation.' Fertilizers | AlexFert AlexFertbooked USD 67 million in revenues during 1Q 2025, reflecting asolid 10% y-o-y and 13% q-o-q increase. Revenue growth was supported by upward trending urea export prices as well as higher total volumes brought on by improved gas availability during the quarter. Both gross profit and EBITDA margins expanded by 4pp y-o-yin 1Q 2025, partially driven byfavourable FX translation effects on EGP-denominated profit came in at USD 24.6 million, translating into a 3pp y-o-y expansion in net profit margin to reach 37% in 1Q 2025. The outlook on AlexFert remains optimistic, supported by sustained recovery in urea exportprices, which increased a total of 35% since 2Q 2024 to reach an average of USD410/ton in 1Q local fertilizer quotas are expected to be revised upward by the government, offering upside potential to local quota pricing. Petrochemicals | Sprea Misr Sprea Misr reported revenues of EGP2.42billion in 1Q 2025, marking robust increases of 42% y-o-y and 58% q-o-q, driven by higher sales volumes as a result of management's strategy to grow market share. In USD terms, revenues posted a modest 1% y-o-y growth,due to the impact of the 2024 EGP devaluation, and rose by a strong 55% q-o-q, reflecting sustained improvement in profit improved significantly on a sequential basis, increasing by 16% q-o-q in EGP terms and 14%q-o-q in USD terms, supported by highersales volume. Meanwhile, net profit totalled EGP 494 million in 1Q 2025, implying a net profit margin of20%. Sprea remains on track to achieve its FY25 net profit guidance, supported by continued recovery in local pricing, which is gradually adjusting in response to the EGP devaluation, rising demand for SNF driven by the resumption of construction activity in Egypt, and further top-line growth from highersales of liquid glue anticipated with the start of operations at Nilewood. Utilities | NatEnergy NatEnergy reported revenues of EGP 882million in 1Q 2025, marking a 40% y-o-y increase, primarily driven byincreased connections to residentialcustomers. In USD terms, revenues stood at USD 17.5 million, reflecting the impact of the EGP devaluation. On a sequential basis,gross profit and EBITDA margins expanded by 3pp q-o-q and 2pp q-o-q, respectively, to land at 26% and 25%, respectively, reflecting improved profitability driven by a more favourable revenue mix, as management continues to prioritise margin-accretive residential and industrialcustomers. Net profit came in at EGP249million in 1Q 2025, compared to EGP 583million recorded in 1Q 2024, with a net profit margin of 28% for 1Q 2025. Excluding the impact of FX gains booked in 1Q 2024, earnings would have grown by a normalised 18% y-o-y. NatEnergy's outlook remains promising,supported by the anticipated adjustments of natural gas connection prices, which will help ease current margin continues to optimise revenue mix by expanding its customer base in high-potential residential areas, further enhancing blended margins as well as overall profitability. Utilities | Kahraba Kahraba'srevenues rose 37% y-o-y to EGP 679 million, driven by continued growth ofits electricity distribution business, withdistribution volumes surging 43% y-o-y, reflecting robust performance delivered by the 10th of Ramadan concession zone. In USD terms, revenuesstood at USD 13.4 million due to the impact of the EGP devaluation. Net profit recorded EGP 65.2 million in EGP terms and USD 1.29 million in USD terms, reflecting the impact of higher inputcosts as well as one-off gains recorded in 1Q 2024. Kahraba is currentlyinvesting in a second substation within its10th of Ramadan concession area to meet rising demand, as industrial activity in the zonecontinues to accelerate. Additionally, the recent government decision to unify natural gas tariffs for all electricity generators will enhance the competitiveness of Kahraba's generation business. Oil and gas | ONS ONS reported revenues of USD14million in 1Q 2025, impacted by the temporary planned shutdown for pipeline repairs as well as the turbine exchange that was finalised during February profit amounted to USD6.5million in 1Q2025, translating into a net profit margin of 45%, in line with the broader trend observed across gross profitability and operating margins, which was a result of the temporary pause in production due to planned maintenance works. ONS is set to deliver growth in 2025, supported by key operational milestones including thecommercial production at its two newly drilled wells, KSE2 and developments are expected to sustain gas ouput at a steady rate of 55 MMSCFD through the end of 2026, translating into higher volume sales. ONS also continues to benefit from the 10-year extension to its Concession Agreement, approved by the Egyptian General Petroleum Corporation(EGPC) in Q3 2024, reinforcing operational continuity and long-term growth prospects. NBFS& Diversified The Diversified segment delivered strong growth in EGP terms, with revenues increasing 30% y-o-y and 46% q-o-q. In USD terms,revenues posted significant improvement sequentially, rising 44% q-o-q. Gross profitability improved notably, with gross profit margin expanding by 4 pp y-o-yto 57%, supported by the reassessment of insured asset values and premiums along withstrong portfolio returns driven by the high-interest rate environment. Delta Insurance reported an attributable net profit of EGP 105 million compared to EGP 121 million in 1Q 2024. Excluding the impact of EGP 19.1 million booked in FX gains in 1Q 2024, earnings would have grown by a normalised c3% Insurance posted a 71% y-o-y increase in attributable net profit andBedayti recorded a 5% y-o-y growth in attributable net profit, reaching EGP 15.7 million.
