Cairo – Mubasher: Sidi Kerir Petrochemicals (Sidpec) on Monday said it board has approved the budget for 2019 and included its profit guidance for the coming year.
The petrochemical maker is targeting EGP 1.06 billion in profits in 2019 up from an estimated profit of EGP 927.9 million, it said in a filing to the Egyptian Exchange (EGX).
Sidpec is also looking to achieve EGP 6.2 billion in sales next year, an increase from EGP 5.5 billion in projected sales for 2018.
Earlier this month, Sidpec’s board approved an investment budget of EGP 293.4 million for 2019.
Sidpec last reported a 31% year-on-year profit growth to EGP 922 million in the first nine months of 2018 from EGP 703 million. The Egypt-listed petrochemical manufacturer cited higher production and sales as the reasons for its profit rise, adding that its sales had increased to EGP 4.2 billion from EGP 3.3 billion between January and September 2017.
