Sidpec swings to loss in Q1-20 on lower sales

The company’s sales retreated

Cairo – Mubasher: Sidi Kerir Petrochemicals (Sidpec) succumbed to net losses of EGP 31.28 million in the first quarter of 2020, versus net profits of EGP 193.09 million in the year-ago period.

The company’s sales retreated to EGP 951 million during the January-March period from EGP 1.22 billion in the corresponding period in 2019, according to a bourse disclosure on Sunday.

It is worth mentioning that during 2019, the company achieved net profits of EGP 487 million, down from EGP 1.3 billion in 2018.

Source: Mubasher

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