Cairo – Sidi Kerir Petrochemicals Company (Sidpec) has inked a partnership agreement with Nigeria's Rungas Group to establish a liquefied petroleum gas (LPG) cylinder manufacturing plant.

The facility will hold an annual capacity of one million gas cylinders and will deploy polyethylene applications to export it, according to a bourse disclosure.

The EGX-listed company highlighted that the deal aligns with its future expansion to sell in the local market after receiving all the required approvals from the Egyptian authorities.

Meanwhile, the two parties will commence the marketing studies, while Rungas Group will get the needed license to use the technology.

In the first quarter (Q1) of 2023, Sidpec logged net profits valued at EGP 520 million, an annual leap of 107.20% from EGP 251 million.

Basic earnings per share (EPS) hiked by 52.78% to EGP 0.55 in Q1-23 from EGP 0.36 in Q1-22, while sales climbed by 71.40% to EGP 3.61 billion from EGP 2.10 billion.

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