Misr Chemical Industries reports 18% profit increase

18% Year on Year increase in its net profit in July-August period for the FY 2020/2021

ArabFinance:Misr Chemical Industries Company (MICH) recorded an 18% Year on Year increase in its net profit in July-August period for the FY 2020/2021, according to the company’s September 27th financial statements filed to the Egyptian Exchange.

Net profit stood at EGP 28.014 million in July-August period for the FY 2020/2021, compared to EGP 3.450 million posted in the corresponding period.

The company had targeted net profit for the aforementioned period at EGP 14.078 million.

The board proposed cash dividends of EGP 54.844 million for FY 2019/2020.

In the first half of 2019/2020, the company posted a net profit of EGP 14.339 million, a 75% decline from EGP 59.524 million in the prior-year period.

Misr Chemical, a subsidiary of Holding Company for Chemical Industries, is an Egypt-based public shareholding company engaged in the manufacture of chemical products. The company’s manufacturing plant produces a range of chemical products including liquid caustic soda, caustic soda flakes, liquid chlorine, hydrochloric acid, and bleaching powder.

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