National Printing Company S.A.E. (“National Printing Company” or “the Company” or “the Group”), the leading integrated printing and packaging platform in Egypt, announces its intention to implement an initial public offering (“the IPO” or “the Offering”) of its common shares on the Egyptian Exchange (“EGX”).

The Offering is expected to include a secondary sale of up to 21,171,040 ordinary shares, representing 10.0% of the Company's issued share capital, by National Printing International Holding S.A.L., Grand View Investment Holdings Corp., and other minority shareholders (the "Selling Shareholders").

The Offering will comprise (a) a private placement, fully committed to by Mr. Omran Mohammed Al Omran, a prominent Saudi entrepreneur and investor participating as an Anchor Investor (Cornerstone Investor), in the Initial Public Offering (the "Private Placement"), and (b) a public offering to the public (the "Public Offering") (together referred to as the "Combined Offering"). Details of the Combined Offering are set out in the "Offering Details" section below.

Both the Private Offering and the Public Offering will be offered at a uniform price per share (the "Offering Price").

The National Printing Company is currently in the process of obtaining the necessary approvals in connection with the offering, including the approval of the prospectus (“PSN”) and any other approvals from the Financial Regulatory Authority (“FRA”). The offering is expected to open for subscription between July 27, 2025 and July 31, 2025, subject to the necessary regulatory approvals and prevailing market conditions.

National Printing Company shares are listed on the Egyptian Stock Exchange under the symbol NAPR.CA.

About the National Printing Company

The National Printing Company was founded by the Al-Moallem family, pioneers and experts in the publishing, printing, and packaging industries with experience spanning back to 1979. Over decades of growth, the company has evolved into one of the leading integrated printing and packaging platforms in the Middle East and North Africa region. The journey began with the establishment of Al Shorouk Printing and Packaging Co. Ltd. (“Al Shorouk”), which quickly established itself among the leading printing companies in Egypt. In 2003, the group expanded with the launch of Windsor, contributing to the diversification of its product offerings. Building on this, the Al-Moallem family partnered with Grand View Investment Holdings in 2006 to establish the National Printing Company, an integrated platform to consolidate and develop its printing and packaging operations.

This vision culminated in the acquisition of Al Badar Packaging Company, adding corrugated cardboard production to the group's capabilities. This was followed by the establishment of United Paper and Cardboard Manufacturing LLC ("United"), which commenced operations in 2017 and has become one of the largest producers of duplex paper in the region. Today, the National Printing Company operates through four main subsidiaries: Al Shorouk, United, Al Badar, and Windsor, serving more than 690 customers in approximately 15 sectors, including consumer goods, pharmaceuticals, home appliances, and education. It has succeeded in capturing significant market shares across its various businesses, with a client list that includes major global and multinational companies with whom the company has maintained long-standing relationships. Customers who have continued with the company for more than three years represent approximately 80% of its customer base.

The group's facilities are located between Obour and Sadat cities, achieving an annual production exceeding 230,000 tons by the end of fiscal year 2024. The company relies on the latest manufacturing machinery and a vertically integrated business model, enabling complete control over product quality. It also achieves cost and supply chain efficiencies, enabling improved raw material procurement, streamlined manufacturing processes, and consistent quality assurance across all its products.

Additionally, approximately 80% of costs are denominated in Egyptian pounds, providing a highly flexible, mostly local cost structure that relies on local suppliers. This structure, coupled with the company's commitment to quality and operational efficiency, has enhanced the National Printing Company's ability to deliver products that meet international standards. As a result of this integrated approach, the company has established itself as a leading exporter of printing and packaging products, with export sales accounting for approximately 25% of total revenues during fiscal year 2024.

Consolidated revenues reached EGP 7,140 million in 2024 and EGP 1,729 million in the first quarter of 2025. During the same periods, the company recorded earnings before interest, taxes, depreciation, and amortization (EBITDA) of EGP 1,642 million and EGP 394 million, reflecting a strong profit margin of 23.0% and 22.8%, respectively.  

Investment highlights

Working in one of the largest and fastest growing economies in the region, driven by strong consumer demand

• Egypt has the largest population in the Middle East and North Africa region, exceeding 100 million, with demographic trends supporting sustainable growth in consumer demand.
• Increasing urbanization rates, expanding organized retail channels, and growing consumer awareness are driving demand for high-quality packaging solutions across a wide range of end markets.
• The bulk of household spending in Egypt is allocated to essential sectors such as food and beverages, healthcare, and personal care—sectors that the printing and packaging industry naturally serves.

Strong market position across core sectors

• Al Shorouk is the group's core printing unit, with nearly five decades of experience, producing high-quality folded boxes and printed materials.
• United is the leading manufacturer of duplex paper in Egypt and one of the largest in the Middle East and North Africa region, with a production capacity exceeding 150,000 tons by 2024. Duplex paper is used as a high-quality raw material by both its subsidiaries and external customers to produce a wide range of final packaging solutions, such as folding boxes and printed cartons. The company has established itself as a local import substitute, alongside its role as a significant source, supplying customers who convert duplex paper into finished products across a variety of industries.
• Al Badar produces corrugated cardboard, American boxes, die-cut boxes, and custom packaging solutions using corrugated cardboard. Al Badar's facilities in Obour City have been significantly expanded and modernized to meet the growing demand in the local and export markets.
• Windsor, the subsidiary specializing in paper products and chemicals, supports core packaging operations by producing paper cups, coatings and varnishes, and supporting production inputs that are also supplied to other group companies, enhancing the vertical integration model of the National Printing Company.
• The group's subsidiaries form an integrated system that offers a complete range of printing and packaging solutions across the value chain, leveraging their significant scale, technical expertise, and established customer relationships to maintain a leading position across various product categories.
• Focus on defense industries, taking advantage of high entry barriers, and achieving strong export returns against a cost structure in Egyptian pounds.
• The National Printing Company serves a wide range of defense industries, including fast-moving consumer goods, food and beverages, pharmaceuticals, education, and e-commerce. These sectors boast stable demand for essential products, providing the company with a resilient revenue base even during periods of macroeconomic volatility.
• The group's integrated business model and operational scale are based on significant entry barriers, including high capital requirements, specialized technical expertise, and the need for extended periods of time to reach efficient production levels, in addition to the long-standing relationships the company has built with major clients across various sectors.
• Approximately 80% of the company's cost structure is denominated in Egyptian pounds, providing an attractive cost structure advantage. This advantage, combined with a sophisticated export platform that represents approximately 25% of 2024 revenues, supports the company's ability to generate stable foreign cash flows used to finance raw material imports and reduce exposure to exchange rate fluctuations.

Long-standing client relationships and a portfolio of leading companies across multiple sectors

• National Printing Company has established long-standing relationships with a diverse base of major clients, including companies in the FMCG, pharmaceutical, food and beverage, and general industries sectors.
• Customers who have been with the company for more than three years represent approximately 80% of the customer base, reflecting a strong record of customer service and satisfaction.
• The client portfolio is well-balanced across various sectors, enhancing the company's flexibility and stability.

Benefit from a strong export platform and favorable cost structure to support growth and foreign exchange generation.

• The company has established a strong presence in the export market, with export sales contributing approximately 25% of total revenues in fiscal year 2024. This performance reflects the National Printing Company's ability to achieve global quality standards and build strong relationships with customers outside Egypt.
• Thanks to its cost structure, which is mostly denominated in Egyptian pounds, and its advanced export platform, the company generates stable foreign cash flows, which are used to finance imported raw materials and meet its foreign currency needs.

State-of-the-art manufacturing facilities equipped with the latest global equipment

• National Printing Company operates manufacturing facilities equipped with the latest, high-quality equipment from leading international manufacturers, ensuring high operational efficiency across a diverse product range.
• These advanced facilities enable the company to meet diverse customer requirements, maintain uniform quality standards, and fulfill bulk orders for both domestic and export markets.

An integrated business model and complete control over the production cycle, supported by a commitment to the highest standards of quality and sustainability.

• The company adopts an integrated business model that covers the entire production cycle, from the sourcing and manufacturing of raw materials to the production of multiple final packaging solutions. This integration enables the National Printing Company to control quality, achieve cost efficiency, and adhere to delivery schedules.
• The company is committed to the highest international quality standards and has obtained numerous certifications, including ISO, which reflect its commitment to excellence.
• The company also adopts a clear approach to sustainability and energy efficiency, including initiatives to reduce environmental impact and optimize resource use. In 2024, the company used approximately 125,000 tons of recycled paper.

Significant capacity expansion to support the growth vision, backed by a proven track record of expansion investments and acquisitions.

• The National Printing Company has a clear growth strategy that encompasses both organic and inorganic opportunities, including potential investments to increase production capacity in core sectors. The company is also exploring selective acquisition opportunities that could strengthen its market position and expand its product range.
• The company has a proven track record of executing expansion projects from scratch, as evidenced by the establishment of United and Windsor. The track record also includes the successful acquisition of Al Baddar and its integration into the group.
• This history of expansion reflects the company's ability and expertise to achieve future growth and seize opportunities in the local and regional markets.

Strong financial performance reflects sustainable growth and healthy profit margins.

• The National Printing Company achieved total revenues of EGP 7,140 million in 2024 and EGP 1,729 million in the first quarter of 2025.
• The company recorded earnings before interest, taxes, depreciation and amortization (EBITDA) of EGP 1,642 million in 2024 and EGP 394 million in the first quarter of 2025, with profit margins reaching 23.0% and 22.8%, respectively.
• This continuous growth and good profitability reflect the strength of the business model and the company's ability to maintain profit margins while growing its business.

A highly experienced management team led by the founding owner.

• National Printing Company is led by an experienced management team with deep experience in the printing and packaging sector and a proven track record of successfully managing and expanding businesses.
• The company benefits from active management by the founding family, which has a long history in the sector and continues its commitment to driving strategic growth and achieving operational excellence.

Offering details

After obtaining final approvals from the Financial Regulatory Authority and the Egyptian Exchange, the company will offer shares representing 10% of its capital, equivalent to 21,171,040 ordinary shares.

The 10% joint offering comprises: (a) 10,585,520 shares allocated to Cornerstone Investor (Omran Mohammed Al Omran) in the private offering; and (b) 10,585,520 shares in the public offering.

The public offering is expected to open for subscription between July 27, 2025 and July 31, 2025, subject to obtaining the necessary approvals and prevailing market conditions.

The selling shareholders are Grand View Investment Holdings Corp., which owns 1.75% of the share capital of National Printing Company; National Printing International Holding S.A.L., which owns 8.25% of the share capital of the Company; and other minority shareholders.

EFG Hermes Investment Banking acted as the sole international coordinator for the joint offering, while Zulficar & Partners acted as the local legal advisor.

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