Cairo – Mubasher: Sidi Kerir Petrochemicals (Sidpec) announced turning to net losses of EGP 31 million in the first quarter of 2020, against net profits of EGP 193 million in the corresponding period a year earlier, the company's unaudited financial results showed.
In addition, Sidpec generated EGP 951 million in revenue during the January-March period, down from EGP 1.22 billion in the same period in 2019, according to a bourse disclosure on Thursday.
The negative turn in Q1 financials was ascribed to the drop in selling prices due to the decrease in global petrochemical prices.
It is worth mentioning that during 2019, the company achieved net profits of EGP 487 million, down from EGP 1.3 billion in 2018.
