Sidi Kerir Petrochemicals profits dip 26% Jan-Sept

Ahram Online, Wednesday 29 Oct 2014

State-run Sidi Kerir, Egypt's largest producer of petrochemicals, announces lower profits in first nine months of 2014 compared to the same period last year

Sidi Kerir
Sidi Kerir (Photo: Reuters)

Egypt's Sidi Kerir Petrochemicals saw profits for the first nine months of 2014 dip 26 percent below the same period last year.

The state-run company, the largest producer of petrochemicals in Egypt, reported a net profit of LE726 million in Jan-Sept 2014 versus LE985 million in the same period of 2013, the company said in a statement to the stock exchange.

The statement did not explain the reason for the drop in profits.

Gross profit fell 16 percent to LE1.03 billion. Net profit for H1 2014 dropped 22.9 percent to LE510.15 million.

The company hopes to increase its profits by about 18 percent in the coming two and a half years, Chairman Ahmed Helmi, told Reuters in September.

Its production capacity is currently 225,000 tonnes of polyethylene a year and 300,000 tonnes of ethylene a year.

The company's share price dipped 1.05 percent by 1:40 CLT to trade at LE17.85.


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