The Egyptian Chemical Industries Company (KIMA), a public business sector company, managed to raise its profits in the first quarter of the current fiscal year by 222%.
The company said in a disclosure to the Egyptian Exchange on Monday that it realised profits of EGP 17.4m, versus EGP 7.8m in the same period last year. Revenues in the same quarter increased by 197% to reach EGP 166m, compared to EGP 84.5m in the same quarter of last year.
The company is currently executing the KIMA 2 project at a cost of EGP 11bn, which is being implemented by Italy’s Tecnimont and Orascom Constructions.
Chemical Industries Holding Company announced in May completing 53% of the KIMA Aswan development project to upgrade the plant to operate on natural gas and produce 2,757 tonnes of various fertilisers per day.
The company’s profits were up 105% in the fiscal year 2016/2017 realising EGP 208m, compared to EGP 101m in the fiscal year 2015/2016.