Latest news with #Al-Kharafi
Kuwait News Agency
18-05-2025
- Business
- Kuwait News Agency
Egypt Kuwait Holding Co. posts USD 39.5 mln in Q1 profits
CAIRO, May 18 (KUNA) -- Egypt Kuwait Holding (EKH) Company announced on Sunday a net profit of USD 39.5 million in the first quarter of 2025, buoyed by the strong performance of its fertilizer and petrochemical sectors. In a press release, the company said it had managed to boost its operational efficiency and market potential, reflecting a growth of USD 195 million in revenues in the first quarter of 2025, an annual increase of one percent and a growth rate of 17 percent on a quarterly basis. It added that it could keep its strong profit margin levels with gross profit and EBITDA margins having hit 39 percent and 38 percent respectively. Board Chairman Loay Al-Kharafi voiced pleasure at the group's robust performance during the first quarter of 2025. Al-Kharafi boasted that the group had managed to keep its positive results in spite of economic volatility in the world in general and the region in particular. He added that the group had also succeeded in accelerating its strategic transition plans during the first quarter of 2025, while keeping the excellent performance of its main sectors, including fertilizers, petrochemicals and energy. Egypt Kuwait Holding Company was established in 1997 by a consortium of prominent Kuwaiti and Egyptian businessmen. Over the past two decades, the company has established itself as one of the MENA region's leading and fastest-growing investment companies. (end)
Kuwait News Agency
14-05-2025
- Business
- Kuwait News Agency
Zain eager to implement Amir's directives to turn Kuwait into regional hub for digital economy
KUWAIT, May 14 (KUNA) -- Zain Vice Chairman and Group CEO Bader Nasser Al-Kharafi affirmed his company's commitment to put in place His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah's directives to turn Kuwait into a regional hub for digital economy. "We are committed to implementing the directives of His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah to advance Kuwait's transformation into a regional hub for the digital economy and create an attractive environment for investment led by the private sector," Al-Kharafi said during his reception of an official delegation from Hong Kong and China. "This visit aligns with that wise vision, as Kuwait and Hong Kong enjoy longstanding friendly relations." Al-Kharafi welcomed the delegation, adding: "The two regions collaborate across various investment, trade, and economic fields at both governmental and private sector levels. This visit presents an opportunity to expand those horizons." "Hong Kong has long been recognized as one of the world's most important international financial centers. Thanks to its strategic location, advanced infrastructure, and favorable business environment, it stands as an ideal business hub. Moreover, it is a leader in innovation and among the top global centers for asset and cross-border wealth management." Al-Kharafi unveiled that their discussions with the delegation explored ways to expand digital transformation initiatives, enhance telecom infrastructure, drive business growth, and explore opportunities for collaboration in 5G networks, the Internet of Things, and potential strategic partnerships. "We also explored cutting-edge applications in ICT, digital innovation, and emerging technologies, and their impact on supporting digital economies. Hong Kong is one of the world's most service-oriented economies and is deeply involved in R&D, particularly in AI," he stated. The Hong Kong and China's delegation was headed by Chief Executive of the Hong Kong Special Administrative Region of the People's Republic of China John Lee Ka-chiu and included the Deputy Financial Secretary, Secretary for Financial Services and the Treasury, the Commissioner for the Belt and Road Initiative, and the Director-General of the Hong Kong Economic and Trade Office in Dubai. It also included prominent business leaders, including the Chairman of the Hong Kong Trade Development Council, CEO of the Hong Kong General Chamber of Commerce, Chairman of the Federation of Hong Kong Industries, Chairwoman of the Belt and Road General Chamber of Commerce (Hong Kong), Vice Chairperson of Bank of Communications (Hong Kong), Managing Partner and Head of Capital Markets at Gaw Capital, and senior executives from Bank of China (Hong Kong) and various leading technology, financial, and consulting firms. The high-level delegation's visit to Kuwait included meetings with His Highness the Amir Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah, His Highness the Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah, the Acting Prime Minister Sheikh Fahad Yousef Al-Sabah, and other senior government officials. Also in attendance today's meeting were Sheikh Dr. Basel Al-Sabah, Advisor in the Diwan of His Highness the Prime Minister; Dr. Peter Lam, Chairman of the Hong Kong Trade Development Council; Nawaf Al-Gharabally, CEO of Zain Kuwait; and senior officials from both sides. (end)
Kuwait Times
13-05-2025
- Business
- Kuwait Times
Zain Group Q1 net profit soars 66% YoY to $157m; revenue grows 15% to $1.74bn
Al-Kharafi: A remarkable Q1 2025 with solid operational performance and revenue growth KUWAIT: Zain Group, a leading provider of innovative ICT and digital lifestyle communications operating in eight markets across the Middle East and Africa, announces its consolidated financial results for the first quarter ended March 31, 2025, with the customer base increasing 20 percent to reach 50.7 million customers. Zain Group recorded impressive revenue growth of 15 percent to reach KD 536 million ($1.74 billion) for Q1 2025. EBITDA for the quarter jumped 15 percent to reach KD 171 million ($554 million), reflecting an EBITDA margin of 32 percent. Net income for the quarter soared 66 percent to reach KD 48.5 million ($157 million), reflecting an Earnings Per Share of 11 fils ($0.04). Key operational notes for Q1 2025 Group revenue grew 15 percent YoY, driven by strong performance across main operations including Sudan (+112 percent), Iraq (+13 percent), Bahrain(+8 percent), Jordan (+7 percent), and KSA (+6 percent) customer base soared20 percent with continual restoration and expansion of network in Sudan, as well as strong growth in Iraq, KSA and other markets revenue grew 6 percent to reach $633million, representing 36 percent of the Group's overall revenue the quarter, Zain Group invested $242 million in CAPEX, reflecting 14 percent of revenues KSA, Bahrain, and Jordan continue to grow their 5G customer base services (Bede in Kuwait and Bahrain; Tamam in KSA and Zain Cash) witnessed revenue growth of30 percent, transaction value increased 25 percent to reach $1.7 billion enterprise revenue witnessed16 percent growth as ZainTECH and B2B teams in key markets secure multiple deals with businesses and governments, ZainTECH revenue soared 184 percent YoY digital services witnessed revenue growth of 2 percent, driven by increase in Kuwait and Sudan Omantel International (ZOI) wholesale carrier achieved exceptional revenue growth of 371 percent YoY base and revenue continue to grow for Zain's digital operator, Yaqoot in KSA and Oodiin Iraq of Global M2M offering to accelerate proliferation of connected devices across region brand valuation up 14.5 percent YoY, to reach a milestone of $3.5 billion, the highest in Kuwait Osamah Al-Furaih, Chairman of the Board said, 'With the introduction of the '4WARD-Progress with Purpose' five-year corporate strategy, the Board will work closely with Executive Management in driving continuity, acceleration, collaboration and digital innovation across all our operations to take Zain to new heights and increase shareholder value. We look forward to expanding our ESG initiatives in providing meaningful connectivity and continuing our positive relationships with regulatory bodies and all stakeholders as we implement '4WARD' to the benefit of customers, communities, and government bodies we proudly serve.' Bader Al-Kharafi, Zain Vice-Chairman and Group CEO commented, 'It was a remarkable first quarter with solid operational performance and revenue growth across key markets, and this bodes well for rest of year as we expect this trajectory to continue, driving shareholder value. Our focus on investing in network upgrades, new technologies and monetizing our 5G and ICT services for both our individual and enterprise customers, coupled with accelerating the growth of several new business verticals, have positively impacted our financial metrics on all levels. So are our operational synergies, cost optimization and digital transformation initiatives in offering customers better services.' 'Our key operations in Kuwait, KSA, Jordan, and Bahrain performed well in line with expectations, despite strong competition and other local challenges. Notably, in Sudan the network restoration efforts have reconnected over 5.8 million customers leading to exceptional operational performance, despite the ongoing geo-political issues. The World Bank is optimistic about Sudan's economic outlook, provided the current conflict eases, which supports our confidence for continued improvement in the coming quarters.' 'The success of our recent AGM, which achieved a distinct quorum of 79.2 percent, witnessed the approval of the Board's recommendation to renew the minimum annual cash dividend policy of 35fils per share for another three years, extending it through to 2028. This marks a clear reaffirmation of Zain's long-term commitment to sustainable and consistent shareholder returns, as well as confidence in business's prospects.' 'Our performance in this quarter was significantly boosted by the expanding impact of our growth verticals, ZOI wholesale, ZainTECH, Dizlee API entertainment platform, and fintech services across our footprint which when combined delivered $191 million in revenue in the first quarter alone, representing a noteworthy 185 percent YoY growth from $67 million in Q1'2024, and now contributing 11 percent to Group total revenue.' 'As the leading 5G provider across the region in regard to footprint, our 5G customer base, both individuals and enterprises in Kuwait, KSA, Bahrain, and Jordan are truly benefiting from the appealing digital technologies and services we offer in enhancing their data experience, and this is driving both revenue and customer growth.' 'Our fintech's growth in revenue and customer base, witnessed increase in transaction volumes across Kuwait, KSA, Jordan, and Bahrain. Recently, in Sudan we launched the Bede brand, a key milestone in our regional rollout. In Kuwait, we look forward to receiving Central Bank approvals to expand our fintech offerings to cater for consumers and businesses. We will continue to foster fintech, expecting this growth trajectory to continue.' 'Zain Omantel International (ZOI) exceptional performance was a result of major capacity deals in Data and Connectivity, a significant growth in voice traffic volumes, as well as expansion in partnerships and international agreements.' 'Likewise, ZainTECH's revenue growth of 184 percent YoY also witnessed several important milestones this quarter. It launched a new Cybersecurity Governance, Risk, and Compliance (GRC) service, helping organizations stay compliant and secure. In Saudi Arabia, ZainTECH was granted a commercial license, allowing it to formalize its regional HQ there, and expand its presence and operations. The entity also joined the NVIDIA Partner Network as a Reseller, one of the few in the region, to bring advanced AI solutions to businesses across its markets.' 'The introduction of our Global M2M offering is a strategic move, capitalizing on our strategic footprint and superior connectivity to position Zain as the regional partner of choice. This service addresses the significant challenges faced by Original Equipment Manufacturers (OEMs) operating in or looking to operate in the region. By providing a unified solution that ensures compliance and simplifies connectivity across our extensive network, Zain is empowering the connection of global manufacturers to the Middle East. This will boost the pace of digital transformation of enterprises and governments, driving socio-economic growth across the region.' Al-Kharafi concluded, 'We are confident that the recently launched '4WARD-Progress with Purpose' will unleash Zain's full potential in transforming from a telco to a purpose driven TechCo conglomerate providing 'Better Lives and Lasting Connections'. '4WARD' will provide the necessary impetus for Zain's continued relevance and impact on shaping societies and providing meaningful connectivity and drive the Zain brand value to new heights.' Financial KPIs of key markets for Q1 ended March 31, 2025 KUWAIT: Maintaining its market leadership, the flagship operation's customer base stood at 2.6 million. Q1 2025 revenue was slightly higher at KD 94 million ($303 million), EBITDA increased 2 percent to reach KD 32 million ($103 million), representing an EBITDA margin of 34 percent. Net income increased 2 percent to reach KD 18 million ($58 million), for Q1 2025, with data revenue accounting for 36 percent of total revenue. Zain Kuwait is currently preparing to deploy 5.5G services on its network as well as focusing on increasing its postpaid mobile customer base to enhance ARPU through appealing device and data offerings. SAUDI ARABIA: For Q1 2025, revenue grew by 6 percent to $718 million, EBITDA for the period increased 5 percent to reach $217 million, reflecting an EBITDA margin of 30 percent. Net income for the quarter soared 40 percent to reach $25 million. The operator's data revenue grew by 2 percent, representing 39 percent of total revenue, and active customers increased 3 percent to stand at 9 million. The operator witnessed continued growth in 5G and B2B revenue, with Yaqoot - Zain KSA's digital arm witnessing 1 percent growth in revenue, and Tamam, the consumer microfinance arm, witnessing revenue growth of 31 percent, all of which contributed towards the increase in top-line. IARQ: For Q1 2025, revenue grew 13 percent to reach $286 million and EBITDA increased 13 percent to reach $105 million, reflecting an EBITDA margin of 37 percent. Net income for the quarter soared 73 percent to reach $26 million. Customer base increased 11 percent to 20.7 million, reflecting a market leading position, driven by the investment in Tower expansion and monetizing new B2C and B2B products and services. SUDAN: For Q1 2025, Zain Sudan showed strong signs of recovery and growth despite the ongoing challenges in the country. Revenue for the quarter soared 112 percent to reach $107 million, with EBITDA reaching $61 million, up from $12 million last year, an increase of 423 percent, reflecting an EBITDA margin of 57 percent. Net income soared 138 percent to reach $53 million. The operation's exceptional growth across all KPIs was driven by the successful restoration of 1,564 sites, including 219 sites in newly liberated areas of Khartoum. This network recovery saw the customer base more than double, jumping 110 percent YoY from 5.2 million to 11 million in Q1 2025. JORDAN: For Q1 2025, Zain Jordan revenue grew 7 percent to reach $141 million, EBITDA slightly increased to reach $55 million, reflecting an EBITDA margin of 39 percent, with net income increased 8 percent to reach $18 million. Data revenue grew 10 percent on the back of its continually expanding 5G network, representing 53 percent of total revenue. Customer base increased by 5 percent to stand at 4.1 million, maintaining its leading position. BAHRAIN: For Q1 2025, Zain Bahrain revenue grew 8 percent to reach $56 million, an increase of 8 percent, EBITDA reached $14 million, reflecting an EBITDA margin of 26 percent. Net income increased by 10 percent to reach $3.1 million, with data revenue growing 4 percent to represent 44 percent of total revenue. Zain Chairman of the Board Osamah Al-Furaih Zain Vice-Chairman and Group CEO Bader Al-Kharaf Zain headquarters' building.
Kuwait Times
06-05-2025
- Science
- Kuwait Times
Kuwaiti youths shine in science and engineering competition
KUWAIT: Former Foreign Minister and Minister of State for Cabinet Affairs Sheikh Dr Ahmad Nasser Al-Mohammad Al-Sabah affirmed that the 11th Kuwait Science and Engineering Competition (KSEC) stands as a distinguished national scientific platform that underscores Kuwait's commitment to supporting scientific excellence, academic achievement, and strategic investment in the country's youth—the future leaders and architects of Kuwait's renaissance. Representing the competition's sponsor, His Highness Sheikh Nasser Al-Mohammad Al-Ahmad Al-Jaber Al-Sabah, Sheikh Dr Ahmad Nasser delivered a statement during the closing ceremony on Monday, commending the Kuwait Foundation for the Advancement of Sciences (KFAS) for its sponsorship of the event. He lauded the participating students for showcasing exceptional creativity and innovation, stating that their contributions reflect the high potential of Kuwaiti youth to lead future development and progress. 'All our children are winners through their participation in this national scientific gathering,' he said. 'We ask Allah Almighty to grant them success in continuing their service to Kuwait under the wise leadership of His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah and His Highness the Crown Prince Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah.' Second place winners of His Highness Sheikh Nasser Al-Mohammad Al-Ahmad Al-Sabah Award. The first place winners of His Highness Sheikh Nasser Al-Mohammad Al-Ahmad Al-Sabah Award. Sheikh Dr Ahmed Nasser Al-Sabah, Chairman of the Board of Directors of the Scientific Club takes a group photo with other officials during the ceremony. Sheikh Dr Ahmad extended his appreciation to Chairman of the Board of Directors of the Kuwait Science Club, Talal Al-Kharafi, and the board members for their efforts in ensuring the competition's success. He also commended the jury for their professional and objective evaluation of the student projects, and expressed sincere gratitude to the volunteers, administrators, and academic organizers whose contributions were pivotal to the event's success. He paid special tribute to the students and their parents for their ongoing encouragement and support. Speaking at the ceremony, Al-Kharafi said the competition has evolved into a premier platform that unites young innovators and fosters their scientific and technological capabilities. 'This event is no longer merely a venue for presenting projects—it is a testament to the boundless creativity of our youth and their role in building the future,' he said. He added that witnessing students transform their ideas into real-world projects is a source of national pride. 'They are the changemakers who will shape the future through their creativity and ambition,' Al-Kharafi said. He also praised the panel of judges—comprised of distinguished Kuwaiti academics—for their continued voluntary contributions since the competition's inception. Al-Kharafi congratulated the winners of this year's awards and extended his heartfelt thanks to His Highness Sheikh Nasser Al-Mohammad Al-Ahmad Al-Sabah for his steadfast sponsorship, which he described as a cornerstone of the competition's enduring success. He also thanked Sheikh Dr Ahmad Nasser for his presence at both the opening and closing ceremonies, and expressed gratitude to all sponsors and strategic partners—including KFAS, Kuwait University, the Kuwait Institute for Scientific Research (KISR), the Public Authority for Applied Education and Training (PAAET), and EQUATE Petrochemical Company—for their belief in the importance of education and youth empowerment. The 2025 Grand Prize, the His Highness Sheikh Nasser Al-Mohammad Award for Scientific Research, was awarded to students Khaled Al-Jumaa and Mohammed Al-Dhabiyan from Ahmed Mishari Al-Adwani Secondary School for Boys for their project 'Farewell to the Oil Well Explosions.' Second place went to Adnan Al-Ateeqi and Mohammed Al-Hasawi from the Joint Talent Academy for Boys for their innovative agricultural project 'The Smart Farmer.' Third place was secured by Wahsh Al-Rajeeb and Nawal Malallah from Mishref Secondary School for Girls for their project, 'Neu.' The 11th edition of the competition featured participation across 22 diverse scientific fields—including the rarely represented social and behavioral sciences—demonstrating the organizing committee's commitment to scientific diversity and inclusive engagement across a broad spectrum of interests. - KUNA
Kuwait Times
05-05-2025
- Sport
- Kuwait Times
Al-Kharafi clinches Kuwait equestrian league title
KUWAIT: Kuwait Club and national team rider Ali Jassim Al-Kharafi was crowned champion of the fourth edition of the Kuwait Equestrian Federation League for the 2024-2025 season, completing a remarkable 'super hat-trick' of consecutive titles. The final round, held at the Sahara Equestrian Resort in Subhan, concluded with Al-Kharafi securing first place, bringing his total to 570 points in the overall standings. Al Masayel Club rider Abdullah Al-Awadi followed in second place with 457 points, while Kuwait Club's Yara Al-Hunaidi came in third with 333 points. Other notable rankings included Fawaz Al-Subaie (308 points), Enaz Al-Enaz (277), Fawaz Rashid (273), and Hamad Al-Hajri (154). Both Abdulrahman Al-Fuzai and Madi Al-Khamis scored 134 points each, while Fahad Al-Faleh rounded out the top ten with 93 points. Al-Kharafi received the championship shield from Secretary General of the Kuwait Equestrian Federation and member of the Kuwait Olympic Committee, rider Ghazi Faisal Al-Jraiwi. Also presenting awards were Secretary of Al-Masayel Equestrian Club Dr. Ibrahim Al-Hamoud and rider Sabah Ali Al-Sabah of Sahara Equestrian Resort. Expressing his joy at winning the title for the fourth consecutive season, Al-Kharafi said the achievement capped a year filled with intense competition. He dedicated the victory to the Kuwait Equestrian Club, his parents, and all supporters, affirming his commitment to continue raising Kuwait's name in regional and international events. 13 major championships On the sidelines of the final round, a press conference was held in the presence of local club representatives and sponsoring companies. Secretary General Ghazi Al-Jraiwi announced that the upcoming 2025-2026 season will feature 13 major championships, supported by both government and private sectors. Meanwhile, Vice President of the Kuwait Equestrian Federation Sheikh Yousef Meshal Al-Sabah affirmed the federation's ongoing commitment to supporting riders at all levels—from beginners to advanced competitors. He noted that the current season was marked by significant accomplishments and looked forward to even greater achievements ahead.
