Sidi Kerir: the board of directors agreed to contract with the National Bank of Kuwait as a consultant for the financing of the project

Profits down 33.4% in 6 months

Rana Mamdouh

The board of directors of Sidi Kerir Petrochemical Company decided at the meeting of July 25, 2019 to enter into a contract with the National Bank of Kuwait (Kuwait) as financial advisor for the financing of the propylene and polypropylene project. .

The Board also adopted at the meeting the unaudited financial statements for the period from January to June 2019, down 33.48% of the profits compared to the corresponding period.

Sidi Kerir achieved a net profit of 453 million LE in the first half of this year, against 681 million LE for the corresponding period.

The company attributed the lower earnings to lower average selling prices in the first half of 2019 compared to average selling prices in the same period of 2018 due to lower international prices as well as the effect of lower price in dollars during the first half of 2019.

Revenues during the same period fell to 2.528 billion pounds, compared to 2.743 billion pounds in the same period.

The total profit for the first six months of this year fell to 628 million pounds against 807 million pounds compared to the corresponding period.

The basic share per share for the same period was 0.77 pounds against 1.16 pounds for the corresponding period.