Cairo – Mubasher: Sidi Kerir Petrochemicals (Sidpec) on Monday reported a 14.7% year-on-year growth in profits for 2018.
The company has logged EGP 1.2 billion in profits for the 12-month period ended December, versus EGP 1.13 billion in 2017, according to a filing to the Egyptian Exchange (EGX).
Sales increased to EGP 5.7 billion last year, versus EGP 4.9 billion a year earlier.
The increase in profits was mainly driven by the growth in production and sales, as well as the increase in the average cost of sale during the period, the company said.
In October, Sidpec posted a 31% year-on-year rise in profits for the first nine months of 2018 due to a growth in production and sales.
Net profit stood at EGP 922 million in profits for the nine-month period ended September, versus EGP 703 million in the prior-year period.
Meanwhile, sales grew to EGP 4.2 billion, compared to EGP 3.3 billion in the same period a year earlier.
