|07 April, 2020

Egypt's Pachin announces finalization of resins plant's first phase of rehabilitation

Rehabilitation plan for the factory to be implemented into phases

Image used for illustrative purpose. Oil and gas industry, Petrochemical plant area in morning with reflection in river

Image used for illustrative purpose. Oil and gas industry, Petrochemical plant area in morning with reflection in river

Getty Images/Busakorn Pongparnit

Egypt - Paint & Chemicals Industries - Pachin (PACH) valued the damages of its subsidiary, El Obour Paints & Chemical Industries' resins factory at EGP 35 million, according to a released statement to the Egyptian exchange.

Pachin announced preparing a comprehensive rehabilitation plan for the factory to be implemented into phases.

The first phase of rehabilitation that cost EGP 10 million, has been finalized as two production units operated representing 25% of the plant capacity, the company said.

In addition, Pachin declared resuming the operation of the plant in early April to meet the market needs.

The company posted a net consolidated profit of EGP 2.52 million in 2019 down from EGP 23.645 million in 2018, with an 89% decrease.

Moreover, it posted standalone profits of EGP 1.606 million, a 61.5% decrease from EGP 4.176 million a year earlier.

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