Cairo – Chemical Industries Holding Company (CIHC) targets consolidated net profits of EGP 4.90 billion and operating revenues worth EGP 26.50 billion during fiscal year (FY) 2022/2023.
Emad El-deen Khaled, Managing Director of CIHC, noted that the company also plans to register EGP 3 billion in exports during the current FY, higher by 126% than the value reported in FY 21/22, according to official statements.
Khaled unveiled a number of future projects by the company’s subsidiaries, including the rehabilitation of factory (Kima 1) for producing nitric acid and ammonium nitrate. This is in addition to a new facility to be developed in partnership with the private sector at an investment cost of $750 million to produce green ammonia with a capacity of 1,000 tonnes/day.
The new projects also include establishing a new evaporator unit, setting up an industrial sewage treatment unit at Misr Chemical Industries, and developing a factory to produce railway flanges at a total investment of EUR 8 million.
On a separate note, the extraordinary general meeting (EGM) of CIHC agreed to increase the authorised capital to EGP 8 billion from EGP 5 billion, whereas the issued and paid-in capital will be raised to EGP 6.50 billion from EGP 5 billion.
The remarks came during the general assembly meeting of CIHC, which was held to approve the company's standalone and consolidated budget for FY22/23. The meeting was chaired by Egypt's Minister of Public Business Sector, Mahmoud Esmat.
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