The profits of agricultural chemical industry company Egyptian Chemical Industries (KIMA) for fiscal year (FY) 2014/2015 decreased 10% compared to the preceding fiscal year.
KIMA’s net profits registered EGP 95.9m in the previous fiscal year, compared to EGP 107.1m in FY 2013/2014, the company said in a statement to the Egyptian Stock Exchange (EGX).
Revenues of ongoing activities recorded EGP 294m in FY 2014/2015, down from EGP 309m in the previous year, the joint stock company noted.
KIMA’s net profits during the first five months of FY 2014/2015 amounted to EGP 23.3m, compared to EGP 19m during the same period in FY 2013 /2014, an increase of 22.5%.
Net profits during the first quarter (Q1) of the previous fiscal year amounted to EGP 15.1m, compared to Q1 of the previous fiscal year, which was EGP 7.8m with an increase of 93.5%. KIMA’s exports recorded EGP 71.8m in the first five months of 2015.
The Chemical and Fertilisers Export Council (CEC) announced in July that, during the first five months of 2015, exports reached EGP 831.9m, compared to EGP 2.6bn in the same period in 2014.
During his visit to Aswan in July, Prime Minister Ibrahim Mehleb inaugurated a ferrosilicon department in KIMA.
“The new ferrosilicon oven project aims at getting rid of silica dust emissions, reducing noise and thermal loss and improving the product’s quality, along with decreasing energy consumption by 5% for each ton so that the total cost of the product is slashed,” the company said. It added that the EGP 50m oven also aims at rationalising consumption of electric energy.
The company produces and distributes chemical fertilisers and related products. Since the start of FY 2012/2013, the company’s major shareholders included Chemical Industries Holding Company (55.73%) and Social Insurance Fund for Governmental sector employees (35.63%).