03 November 2014
Company paid-up capital increased to 22.5 million Kuwaiti Dinar
Gulf Cryo Holding KSCC, a leading manufacturer of industrial, medical and specialty gases in the MENA region, has announced that the company value has been boosted by 50 per cent with the injection of paid-up capital from capitalisation of voluntary reserves and retained earnings, as agreed by the owners. The company's total paid-up capital now stands at 22.5 million (approximately US$78 million).
This capital injection comes on the back of strong growth across the region, and geographical expansion in markets such as the GCC, Iraq, Jordan, Egypt, Turkey and Austria. The company now consists of over 30 production and distribution sites, with more than 1,000 employees across the MENA region.
Amer Huneidi, Chairman, Gulf Cryo, said: "In the last three years, Gulf Cryo has gone from being a GCC company to now having a presence in Africa and Europe. We are proud to say that this has been the result of strategic approach of identifying market trends and changing requirements, and positioning ourselves accordingly. Our investments are in our future - and this increase in our paid-up capital represents the trust that the board places in our operations, our plans and our outlook."
Shailesh Iyengar, Group Finance Director: "Rapidly expanding operations have resulted in strong sustained cash flow generation, and our balance sheet for expansion is robust. Whether through strategic investments, geographical expansion or new market opportunities, Gulf Cryo is poised for its next phase of growth."
The company recently acquired shares in Tyczka Air Austria, part of the Tyczka Group, becoming minority partner. Gulf Cryo and the Tyczka Group will bring together technical, commercial, and financial resources into Tyczka Air Austria to create a well-positioned industrial gas company in a highly industrialised area.
Gulf Cryo has invested in the construction of a 225 TPD (metric tonnes per day) Air Separation Unit on a 30,000 square metre site in Abu Dhabi. It is the biggest site in the UAE for Gulf Cryo, and technologically advanced - the plant has remote operation and the most advanced air separation cryogenic technology available - designed to ensure that industrial gases are produced to the stringent quality standards demanded both regionally and internationally.
Earlier in 2014, Gulf Cryo announced the expansion of its CO₂ (Carbon Dioxide) production business. To take the purified product further afield, Gulf Cryo invested in four CO₂ hubs in Dubai, Kuwait, Dammam and Amman, all of which are tested and certified to the most stringent standards. During 2013, EQUATE Petrochemical Company, Kuwait's first private sector petrochemical company, as part of its sustainability initiatives, launched its second CO2 recovery project in Kuwait in partnership with Gulf Cryo to continue environmental protection efforts and provide CO2 to relevant industries.
Gulf Cryo is a closed shareholding company operating in the industrial gas field in the Middle East, founded as the Kuwait Oxygen Company in 1953. Today Gulf Cryo is comprised of over 30 production and distribution sites operational in 12 countries, including all of the GCC, Jordan, Syria, Egypt, Iraq, Turkey and Austria. It is one of the leading manufacturer and distributor of industrial, medical, food and speciality gases in the Middle East. Over time Gulf Cryo has secured a position offering total solutions in storage and delivery modes, as well as equipment rental and with advanced production facilities, it continues to build and maintain an edge in experience, knowledge and technical expertise. Website: www.gulfcryo.com
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Nadine Abdul Malak
T: +971 4 884 8199
T: +971 4 450 7600
1) Interview and photograph opportunity
Naji Skaf, chief executive officer.
Naji Skaf is the chief executive officer of Gulf Cryo, having previously held the position of chief operating officer of the group and general manager of Gulf Cryo's UAE subsidiary Arabian Gases during his eight year career at the company. Naji has been fundamental in leading Gulf Cryo's top line growth by implementing a number of major initiatives and improving bottom line results.
Naji started his career at one of the largest industrial gases companies in the industry, where he held various positions in Houston, Paris, and Cairo. His first role was based in Houston where he was in charge of analysing competitive information. He eventually joined the group's headquarters in Paris where he was a key member of the team developing the presence in the Middle East and subsequently, after taking part in the successful acquisition of five local companies, relocated to Cairo to be Egypt's deputy general manager before joining Gulf Cryo in 2004 as the GM of Arabian Gases.
Naji holds a B.Sc from McGill University in Montreal and an MBA from the University of Houston. He is based in Dubai with the corporate team at Gulf Cryo headquarters.
2) Gulf Cryo landmark achievements
Had the first automated gases filling plant in the region
Has the largest distribution fleet in the region
The first ISO certified private industrial gases company in the region
The first private industrial gases company in the region implementing a management equity plan
The largest dry ice producer in the region
3) Gulf Cryo history timeline
- 1938: Petroleum is discovered.
- 1946: Kuwait begins oil development.
- 1949: Salim Huneidi and Partners established.
- 1953: Salim Huneidi and Partners commence industrial gas trading.
- 1953: Kuwait Oxygen and Acetylene Company begin production.
- 1971: Kuwait Oxygen and Acetylene Company begin bulk gas operations.
- 1977: Arabian Industrial Gases Co. was formed in the UAE.
- 1997: Gulf Cryo develops a presence in Jordan.
- 1998: Amer Huneidi appointed as Group Chairman.
- 2003: Gulf Cryo Holding established.
- 2003: Restructuring leads to ten-fold increase in manufacturing capacity.
- 2006: Gulf Cryo Qatar established.
- 2007: Consolidation and creation of The Huneidi Group of companies.
- 2008: Gulf Cryo Saudi established.
- 2009: Investcorp purchase 20% share of Gulf Cryo.
- 2009: Gulf Cryo Oman established.
- 2012: Gulf Cryo Iraq and Gulf Cryo Eqypt established.
- 2013: 60th anniversary celebrations
© Press Release 2014