Cairo-Mubasher: Egyptian Chemical Industries (KIMA) said it used part of the funds raised through its consecutive two times capital hikes in 2011 and 2014, in paying number of its financial obligations.
The company raised it capital by EGP 1.1 billion , EGP 450 million in 2011 and 2014 respectively.
In October 2014, KIMA paid an advance payment of EGP 76.9 and $39.5 million to Italy's Tecnimont accounting for 10% of their mutual contract to establish new ammonia/urea project.
Meanwhile, in December 2014 the company paid $16.2 million to the licenced firms for carried out works.
KIMA also paid EGP 2.7 million and $247,000 to Enppi in March 2011.
KIMA reported net earnings of EGP 25.6 million for the first half of 2015/2016, down 12% compared with EGP 29.1 million in the same period a year ago.
