Latest news with #LoayJassimAl-Kharafi
Arab Times
18-05-2025
- Business
- 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.
Zawya
11-04-2025
- Business
- Zawya
Egypt Kuwait Holding's general assembly greenlights $53.2mln dividends for 2024
Egypt Kuwait Holding's (EKH) general assembly approved the distribution of $53.2 million as cash dividends for 2024, according to an emailed press release. The approved amount represents 19% of the company's capital. This includes a cash dividend equivalent to 14% of the share's par value, amounting to $39.11 million or 3.5 US cents per share. Furthermore, the general assembly greenlighted the distribution of stock dividends totaling $14.09 million, accounting for 5% of the company's issued and paid-up capital. In this regard, the shareholders will receive one free share for every twenty original shares for the fiscal year that ended on December 31st, 2024. Loay Jassim Al-Kharafi, Chairman of the board of EKH, said: "We look forward to 2025 as the launchpad for a new phase of growth and selective expansion, driven by an ambitious strategy to cement our Group's and subsidiaries' market standing and expand our presence regionally and globally." Jon Rokk, CEO of EKH, stated: "In 2025, we will continue to pursue opportunities aligned with our strategic objectives and actively contribute to generating added value for both our shareholders and clients." Rokk added: 'We are gearing up to expand our footprint in 2025, with plans to enter the Saudi market for the first time and kick off a new project in Northern Europe.' He indicated that the group plans to spend between $150 million and $200 million in CAPEX over 2025 and 2026, seeking new opportunities and expanding its existing portfolio. The group's revenues amounted to $642 million at the end of December 2024, backed by a 40% growth in gross profit margin and a 39% increase in EBITDA margin. Net profit reached $185 million, with net profit margin increasing by 2% points to 29%. The net profit attributable to the company's shareholders amounted to $163 million in 2024. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
10-04-2025
- Business
- Zawya
Egypt Kuwait Holding general assembly approves board recommendation to distribute cash dividend
Loay Jassim Al-Kharafi: 2025 marks the beginning of a new phase of growth and selective expansion for EKH. We are adopting an ambitious strategy to strengthen the position of the Group and its subsidiaries, while expanding its footprint both regionally and globally. Jon Rokk: We remain focused on seizing opportunities aligned with our strategic direction and creating added value for our shareholders and clients. We are evaluating additional investment opportunities worth between $150 million and $200 million for 2025 and 2026. Cairo – Egypt Kuwait Holding (EKH) recently convened its Ordinary and Extraordinary General Assemblies for the fiscal year 2024, during which all agenda items were approved, including the company's financial statements for the past fiscal year and the auditor's report. The General Assembly approved the distribution of dividends for the year 2024 amounting to USD 53.2 million, representing 19% of the Company's capital. This includes a cash dividend equivalent to 14% of the share's par value, amounting to USD 39.11 million—or 3.5 US cents per share. It also approved the distribution of stock dividends totaling USD 14.09 million, representing 5% of the company's issued and paid-up capital—granting shareholders one free share for every twenty original shares—for the fiscal year ending December 31, 2024. Reflecting on the compnay's recent performance, Loay Jassim Al-Kharafi, Chairman of the board of EKH, said: "We are proud of the Group's strong performance last year, during which we maintained robust profitability across all operating sectors. We look forward to 2025 as the launchpad for a new phase of growth and selective expansion, driven by an ambitious strategy to cement our Group's and subsidiaries' market standing and expanding our presence regionally and globally." He added: "The growth we achieved in revenues and increased investments reflects the strength of our financial position, the resilience of our business model, and our ability to achieve sustainable growth despite local, regional, and global market challenges. At the same time, we remain committed to continuous development and pursuing promising opportunities." Al-Kharafi noted that the Group successfully navigated the operational and economic challenges of 2024 thanks to the efficiency of its strategy and the flexibility of its business model. This strengthened its ability to achieve sustainable growth and continue delivering long-term results. The company's strong performance in 2024 reflects a notable recovery in pricing and higher sales volume of key products), further reinforcing confidence in the Group's solid and sustainable business portfolio and paving the way for the implementation of its ambitious expansion plans in 2025. Jon Rokk, CEO of EKH, stated:"In 2025, we will continue to pursue opportunities aligned with our strategic objectives and actively contribute to generating added value for both our shareholders and clients." He added: 'We are gearing up to expand our footprint in 2025, with plans to enter the Saudi market for the first time and kick off a new project in Northern Europe. At the same time, we will continue growing our existing operations and strengthening our presence in the Egyptian market." He noted that the company intends to spend between $150 million and $200 million in CAPEX over 2025 and 2026, targeting both new opportunities and the expansion of its existing portfolio. Rokk further affirmed that Egypt Kuwait Holding is embarking on a transformative chapter—one that encapsulates its bold growth aspirations and forward-looking drive to build a strategic, agile organization. He also presented the Group's financial results for the previous year, during which revenues rose to $642 million, accompanied by a 40% growth in gross profit margin and a 39% increase in EBITDA margin. Net profit reached $185 million, with net profit margin increasing by 2 percentage points to reach 29%. The net profit attributable to the company's shareholders amounted to $163 million during the same period. In the fourth quarter of 2024 alone, the company recorded revenues of $167 million—reflecting 9% quarter-over-quarter growth—driven by revenue increases across various subsidiaries, indicating improving market conditions. The company successfully maintained high profit margins despite economic headwinds, with gross profit and EBITDA margins reaching 41% and 42% respectively, while net profit for the fourth quarter amounted to $46 million.
Zawya
23-02-2025
- Business
- Zawya
Egypt Kuwait Holding reports robust FY 2024 results
Cairo | Egypt : 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 December 2024. EKH recorded revenues of USD 167 million for 4Q 2024, growing 9% over the previous quarter, driven by top-line growth across the portfolio, reflecting the sustained market recovery. The Group maintained robust margins amid ongoing headwinds, recording gross profit and EBITDA margins of 41% and 42%, respectively. Meanwhile, net profit amounted to USD 46 million, with net profit margin expanding 5pp y-o-y to 28%. Net profit increased 20% q-o-q, supported by strong revenue performance and bottom-line growth at AlexFert, while attributable net income came in at USD 39 million. In FY 2024, EKH recorded revenues of USD 642 million, with gross profit and EBITDA margins coming in at 40% and 39%, respectively. Net profit amounted to USD 185 million, translating into a 2pp y-o-y expansion in net profit margin to reach 29%, while EKH's attributable net income totaled USD 163 million for 2024. Commenting on the Group's performance and business outlook, EKH Chairman Loay Jassim Al-Kharafi: 'I am pleased to report that we delivered solid fourth quarter results, capping off a strong year defined by remarkable growth and expansion across key business segments.' 'Despite navigating significant headwinds throughout 2024, including currency fluctuations, gas supply disruptions, and other operational challenges, our resilience and strategic foresight have enabled us to overcome these extraordinary operating conditions and emerge stronger, laying the foundation for sustainable growth and long-term success. Our year-end results highlight several encouraging trends, including recovering prices and volumes for our core products, highlighting the resilience of our portfolio companies.' 'We remain focused on our priorities of boosting foreign currency generation, growing export potential, and strengthening our financial position, while contributing to broader regional development. In line with this objective, EKH's first investment in Saudi Arabia is expected to commence commercial operations in the coming months. In addition, we are making solid progress on our investment pipeline and expect to make our first strategic investment beyond the MENA region this year, further expanding EKH's global footprint. These milestones reaffirm our commitment to managing currency exposure, expanding to high-growth markets, and diversifying our portfolio across sectors and geographies.' 'In keeping with our commitment to our shareholders, we are pleased to propose a distribution composed of both cash and stock dividends. Delivering sustainable returns to investors remains a core pillar of our strategy as we continue to balance shareholder distributions with reinvestments for future growth.' 'Looking ahead to 2025, we will continue to optimize our capital deployment and prioritize investments that align with our strategic objectives, to maximize returns for our stakeholders.' Commenting on the Group's performance in FY 2024, EKH CEO, Jon Rokk: 'I am proud to share that despite a challenging year marked by macroeconomic headwinds and external pressures, EKH has demonstrated remarkable resilience and adaptability, delivering a robust set of results. This achievement is a testament to the dedication and hard work of our people across all levels of the Group, whose commitment and agility have enabled us to navigate uncertainty, capitalize on opportunities, and drive growth.' 'Our fourth quarter results demonstrate strong sequential growth, with revenues and net profit up 9% and 20% q-o-q, respectively. At AlexFert, revenue grew by 26% q-o-q in 4Q 2024, driven by export urea prices continuing along their upward trajectory, coupled with rising volumes, with its plant now operating at full capacity enabled by a stable natural gas supply. Similarly, NatEnergy's revenue grew by 15% q-o-q in 4Q 2024, while Kahraba's distribution volumes surged 62% y-o-y in 4Q 2024, driven by growth from the recently introduced concession zone at 10th of Ramadan. To support this growth, we are investing in a second substation within the concession area, enabling us to effectively meet future capacity needs. Meanwhile revenues at ONS grew by a stellar 32% y-o-y in 4Q 2024, a direct result of production commencing at our two recently drilled wells, Aton-1 and KSE2.' 'Building on this solid foundation, our upcoming projects will be key to advancing our regional and international expansion, supporting both growth and diversification.' 'As part of our continued progression, we will be undertaking a corporate rebrand and identity transformation in 2025. This will not just be a facelift – it will be a bold statement of evolution. EKH is entering into a new phase, one that reflects our ambitions, our growth, and our relentless drive to build an even more dynamic and future-focused enterprise.' Fertilizers | AlexFert AlexFert booked USD 59 million in revenues during 4Q 2024, reflecting a 26% growth q-o-q, supported by sustained improvement in urea export prices, as well as government interventions to ensure natural gas availability, enabling AlexFert to operate at full capacity beginning December. Gross profit and EBITDA margins expanded by 1pp and 2pp y-o-y, respectively, in 4Q 2024, reflecting reduced expenses and enhanced operational efficiency. Net profit came in at USD 29 million, reflecting a 5pp y-o-y expansion in the net profit margin to 49% in 4Q 2024. In FY 2024, revenues recorded USD 213 million, impacted by natural gas availability, while gross profit and EBITDA margins remained strong at 36% and 44%, respectively, coupled with a 2pp y-o-y expansion in the company's bottom-line margin. The company's outlook remains optimistic, supported by steady natural gas supply secured by way of recent government interventions and sustained recovery in export urea prices, which increased 8% q-o-q in 4Q 2024 to reach USD364/ton. Global urea prices continued their upward trajectory in 2025, averaging USD387/ton during January 2025. Petrochemicals | Sprea Misr Sprea Misr reported revenues of EGP 1.54 billion in 4Q 2024, reflecting increases of 50% y-o-y and 16% q-o-q, driven by higher volumes and price growth across key products. Gross profit stabilised at 32%, while EBITDA margin expanded to 31%. Net profit grew 92% y-o-y to EGP 546 million in 4Q 2024, with net profit margin expanding by 8pp y-o-y to 36%. In FY 2024, revenues recorded EGP 5.84 billion in FY 2024, up 19% y-o-y. Net profit stood at EGP 2.64 billion in FY 2024, reflecting a 2pp y-o-y expansion in bottom-line profitability to 45%, driven by interest income and FX gains during the year. Sprea is ideally positioned to benefit from recovering local prices post-EGP devaluation as well as increased demand for Sulfonated Naphthalene Formaldehyde (SNF) due to the resumption and the expected pick up in construction activities in Egypt. Utilities | NatEnergy NatEnergy reported revenues of EGP 1.6 billion in 4Q 2024, marking a 46% y-o-y increase, primarily driven by Kahraba's growing electricity distribution businesses, in addition to the high-pressure steel pipeline executed by Fayum Gas. In 4Q 2024, sequential results witnessed both gross profit and EBITDA margins climb up by 6pp q-o-q to land at 30%, with net profit for the quarter growing 49% y-o-y to EGP 505 million. In FY 2024, revenues grew 30% y-o-y to reach EGP 5.3 billion, while net profit grew 21% to EGP 1.8 billion. Looking ahead, NatEnergy's outlook remains positive, benefiting from recently implemented increases in electricity tariffs, while management continues to focus on more profitable 'infill' clients to further enhance its profitability. Moreover, Kahraba is in the process of investing in a second substation in its 10th Ramadan concession area to support growing demand in the industrial zone. Oil and gas | ONS ONS reported revenues of USD 19 million in 4Q 2024, increasing 32% y-o-y and 25% q-o-q, driven by growing volumes owing to the commissioning of two new wells. Net profit for the quarter stood at USD 9 million, translating into a net profit margin of 47%, up 6pp y-o-y. In FY 2024, ONS posted revenues of USD 62 million in FY 2024, up 7% y-o-y, while net profit totaled USD 31 million, yielding a solid net profit margin of 50%. ONS is poised for growth, fueled by its recent expansions, including the commencement of production at Aton-1 and KSE2 within its expanded concession area, with the two new wells supporting sustained gas production rates at 55 MMSCFD until the end of 2026. Furthermore, ONS will capitalise on the 10-year extension of the Concession Agreement approved by the Egyptian General Petroleum Company's (EGPC) during the year. NBFS & Diversified In 4Q 2024, the Diversified segment reported attributable revenues of USD 25 million. Gross profit margin came in at 59%, up 4pp y-o-y and 10pp q-o-q, driven by the reassessment of insured asset values and premiums, as well as improved portfolio returns, supported by the high-interest rate environment. Both Delta and Mohandes Insurance reported net profit growth of 72% and 27% y-o-y respectively in EGP terms during FY 2024. Looking ahead, management is optimistic regarding the insurance sector's ability to sustain its positive trajectory, driven by continued upward revaluation of insured asset values and stable premium growth. Furthermore, Nilewood is advancing towards the production of its first MDF board, with commercial operations set to begin in 1H25. EKH's standalone and consolidated financial statements and full earnings release for the period ended 31 December 2024 are available for download at -Ends- About EK Holding Egypt Kuwait Holding Company ( and on the Egyptian Exchange and on the Boursa Kuwait) is one of the MENA region's leading investment companies. Established in 1997 by a consortium of Kuwaiti and Egyptian businessmen, EKH's investment portfolio is diversified across various sectors and geographies, spanning five strategic sectors, including chemicals, building materials, utilities, oil and gas, as well as non-banking financial services. EKH is committed to sustainable value creation through focused investments in capacity along with an agile strategy, adapting quickly to market dynamics to ensure it seizes opportunities and secures long-term success. EKH is a well-governed dual-listed entity that has consistently delivered superior returns to shareholders through market-beating stock performance and consistent dividend distributions, supported by a diverse investment portfolio with superior cashflow generation ability and a capable management team with a proven track record across multiple sectors and geographies. Forward-Looking Statements Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of Egypt Kuwait Holding Company (EKH). Such statements involve known and unknown risks, uncertainties and other factors; undue reliance should not be placed thereon. Certain information contained herein constitutes 'targets' or 'forward-looking statements,' which can be identified by the use of forward-looking terminology such as 'may,' 'will,' 'seek,' 'should,' 'expect,' 'anticipate,' 'project,' 'estimate,' 'intend,' 'continue' or 'believe' or the negatives thereof or other variations thereon or comparable terminology. Actual events or results or the actual performance of EKH may differ materially from those reflected or contemplated in such targets or forward-looking statements. The performance of EKH is subject to risks and uncertainties.
