Cairo – Mubasher: The financial indicators of the Egyptian Chemical Industries (Kima) showed a 74.88% year-on-year profit drop during fiscal year 2018/2019.
Net profits after taxes plunged EGP 25.13 million in the 12-month period ended 30 June, compared to EGP 100.05 million in the previous year, the company said in a statement to the Egyptian Exchange (EGX) on Tuesday.
Revenues dipped to EGP 341.08 million in FY18/19 from EGP 571.04 million in the prior year.
The 12-month profit retreat was ascribed to lower exports due to the export ban to some countries as well as the halt of ammonia production with the rise of hydroelectric fees, leading the company to purchase ammonia from other companies.
During the first nine months of FY18/19, Kima incurred losses of EGP 17.7 million, versus a profit of EGP 97.2 million in the year-ago period.
Sales fell to EGP 261.1 million during the nine-month period ended 31 March from EGP 477.6 million in the corresponding period in FY17/18.
