Sidi Kerir Petrochemicals sees 158.33% YoY profit surge in H1

Arab Finance: Sidi Kerir Petrochemicals reported a 158.33% year-on-year increase in net profit after tax for the first half (H1) of 2023, according to the company’s unaudited financial indicators filed to the Egyptian Exchange (EGX) on August 3rd.

Net profits rose to EGP 1.209 billion in H1 2023 from EGP 468 million in H1 2022.

Meanwhile, revenues grew 69.19% YoY to EGP 6.563 million, up from EGP 3.879 million in H1 2022.

Established in 1997 and listed in 2005, Sidi Kerir Petrochemicals, commonly known as SIDPEC, operates within the materials sector focusing on commodity chemicals. It has subsidiaries operating across Egypt, working on textiles and oil and gas refining.