Egypt: Sidpec’s profits jump 107% in Q1-23 initial results

Basic earnings per share increased by 52.78% year-on-year

Staff Writer, Mubasher

May 4, 2023

PHOTO

Cairo – Sidi Kerir Petrochemicals Company (Sidpec) posted 107.20% higher net profits after tax at EGP 520 million in the first quarter (Q1) of 2023, compared to EGP 251 million.

Basic earnings per share (EPS) increased by 52.78% year-on-year (YoY) to EGP 0.55 in Q1-23 from EGP 0.36, according to the unaudited financial results.

The sales widened by 71.40% to EGP 3.61 billion as of 31 March 2023, compared to EGP 2.10 billion in the year-ago period.

Last April, Sidpec obtained the general assembly’s approval to disburse a cash dividend worth EGP 0.90 per share over two installments.

In 2022, the EGX-listed firm registered EGP 1.23 billion in net profit after tax, a 131.40% YoY leap from EGP 535 million.

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.