Cairo - Mubasher: The board of Sidi Kerir Petrochemicals Company (SKPC) has approved the investment budget for the new fiscal year 2017-2018, according to the company’s statement to the Egyptian Exchange (EGX) on Monday.)
The new investment budget amounts to about EGP 380.2 million, up 29% year-on-year from EGP 294.8 million, the company added.
SKPC also clarified that the total budget will be divided between creating new projects and developing existing ones.
The company allocated EGP 277 million to new projects, up 117% year-on-year from EGP 218 million, the statement showed, whereas development operations were allocated a sum of EGP 103 million, up 34% from EGP 76.7 million last year.
SKPC’s profits dropped 45% in the third quarter of 2016 to EGP 133.5 million.
