Egypt: Sidpec unveils an annual leap of 143.82% in profits in 9M-23, deal with ADQ

PHOTO

Cairo – Sidi Kerir Petrochemicals Company (Sidpec) logged net profits after tax worth EGP 1.81 billion in the first nine months (9M) of 2023, an annual leap of 143.82% from EGP 744 million.

Total revenues enlarged by 67.74% to EGP 9.73 billion in 9M-23 from EGP 5.80 billion in 9M-22, according to the unaudited financial statements.

Basic earnings per share (EPS) amounted to EGP 1.91 in January-September 2023, up 96.91% YoY from EGP 0.97.

Stake Acquisition

The board members of Sidpec approved a stake acquisition deal between Ethydco and Alpha Oryx, a company related to investment holding conglomerate ADQ.

After obtaining the regulatory approvals, the UAE-based firm will acquire a 30% stake in Ethydco's shares.

In October 2023, the EGX-listed firm and Nigeria's Rungas Group joined forces to establish a liquefied petroleum gas (LPG) cylinder manufacturing plant.