Sidpec’s profits jump 107% in Q1-23 initial results

Sidi Kerir Petrochemicals Company (Sidpec) posted 107.20% higher net profits after tax at EGP 520 million in the first quarter (Q1) of 2023, compared to EGP 251 million.

Basic earnings per share (EPS) increased by 52.78% year-on-year (YoY) to EGP 0.55 in Q1-23 from EGP 0.36, according to the unaudited financial results.

The sales widened by 71.40% to EGP 3.61 billion as of 31 March 2023, compared to EGP 2.10 billion in the year-ago period.

Last April, Sidpec obtained the general assembly’s approval to disburse a cash dividend worth EGP 0.90 per share over two installments.

In 2022, the EGX-listed firm registered EGP 1.23 billion in net profit after tax, a 131.40% YoY leap from EGP 535 million.