Egypt's Naeem Holding 2007 net profit soars

CAIRO, March, 9 (Reuters) - Egypt's Naeem Holding NAHO.CA made an unaudited net profit of $107.6 million in 2007, 419 percent up on 2006, the investment bank said on Sunday.

Bassem el-Shawy, investor relations director at the investment bank, told Reuters the jump was largely due to the proceeds of the sale of his company's 9.79 percent stake in AlWatany Bank of Egypt WATA.CA to the National Bank of Kuwait (NBK) (NBKK.KW: Quote, Profile, Research) in October.

"The deal added more than $60 million to the year's net profit," he said. Total revenue from the sale was about $106 million.

The company statement put 2006 net profit at $20.69 million. Earnings per share for 2007 increased to $0.47 from $0.086 in the year before.

Total revenues increased 371 percent in 2007 to $136.58 million from $29.02 million in 2006.

Naeem Holding's subsidiaries operate across four lines of business including brokerage, asset management, private equity and corporate finance in Egypt and the United Arab Emirates.

The bank said in December it was seeking investment opportunities in Saudi Arabia, Bahrain and Qatar as part of a regional expansion plan in 2008.

Naeem Holding's dollar-denominated shares were trading 1.8 percent higher at $2.86 per share by 1150 GMT. (Reporting by Wael Gamal; Editing by David Cowell)