Cairo – Mubasher: Sidi Kerir Petrochemicals (Sidpec) is targeting a net profit of EGP 503.5 million in the fiscal year 2020, as shown in the company’s planned budget, compared to a targeted profit of EGP 1.06 billion in 2019.
The company is also targeting EGP 4.5 billion sales next year, against EGP 6.2 billion sales targeted during the current year, according to a bourse statement released on Tuesday.
Earlier in December, Sidpec announced that it was expecting to invest an amount of EGP 6.88 billion during the fiscal year 2020.
It is worth mentioning that the company’s unaudited financial results showed a 43% year-on-year drop in net profit during the first nine months of 2019, with net profit retreated to EGP 521 million.
