Cairo – Mubasher: Egyptian Chemical Industries (Kima) on Thursday posted a 77% year-on-year drop in the first half of fiscal year 2017/2018.
Net profit reached EGP 57.6 million in the first six months ended December 2017, versus EGP 257.4 million profits in the same period of 2016, Kima said in a filing to the Egyptian Exchange (EGX).
Revenues climbed to EGP 344.3 million in H1-17/18, from EGP 263.7 million in H1-16/17.
The company attributed the decline in profits in H1-17/18 to differences in the exchange rate of EGP 219.18 million.
Kima’s revenues surged 55.27% in December 2017 to EGP 49.13 million, according to the statement.
It is worth mentioning that Kima’s profits soared 122% to EGP 17.37 million in the first quarter of FY17/18, from EGP 7.82 million in Q1-16/17.
