ArabFinance: Sidi Krier Petrochemicals (SKPC) released its annual financial results, reporting a 62% Year on Year (YoY) decline in its net profit for 2019.

It posed consolidated profit reached EGP 487,184,363 in 2019, a rise from 1,298,726,378 achieved a year earlier.

The company attributed the profit decrease to the decline of petrochemical products locally and internationally in addition to, increasing competitiveness between the petrochemical companies.

In terms of sales, it generated net sales of EGP 4.961 billion, against EGP 5.780 billion in 2018.

The earnings per share amounted to EGP 0.82 per share, according to the board of directors' annual report.

Established in 1997 and listed in 2005, Sidi Kerir Petrochemicals, commonly known as SIDPEC, operates within the Materials sector focusing on Commodity Chemicals. It has subsidiaries operating across Egypt, working on Textiles and Oil and Gas Refining and Marketing.

SIDPEC is the first step towards integration in petrochemicals’ industry in Egypt, and fulfilling a national objective, which is production of value-added products by using the available raw materials as well as developing related local industries.

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