Cairo – Mubasher: Sidi Kerir Petrochemicals (Sidpec) turned to net losses of EGP 28 million during the first half (H1) of 2020, against net profits of EGP 453 million in the year-ago period, the unaudited financial results showed.
The company’s sales tumbled to EGP 1.67 billion in the January-June period from EGP 2.52 billion in the same period in 2019, according to a bourse disclosure on Thursday.
The negative turn in the financial results was ascribed to the continued decrease in the selling prices during the first quarter (Q1) of the year.
During the first three months of 2020, Sidpic succumbed to net losses of EGP 31.28 million, versus net profits of EGP 193.09 million in the year-ago period.
