Informed sources told Daily News Egypt that Sidi Kerir Petrochemical Company (SIDPEC) is studying investment opportunities to acquire companies that will enhance its operations, after completing the acquisition of the Egyptian Ethylene and Derivatives Company (Ethydco), and it is expected to close the deal in the third quarter of this year.
SIDPEC plans to acquire all the shares of ETHYDCO, and the company has appointed NI Capital as an advisor for the deal.
SIDPEC aims to achieve sales during the fiscal year 2023 at a value of EGP 9.413.125bn.
The Board of Directors of SIDPEC approved the operating budget for the fiscal year 2023, with targeted profits after tax of EGP 889.642m.
The total profit in the operating budget for the year 2023 amounted to EGP 1.532.595bn, and the cost of sales amounted to EGP 7.870.530bn.
SIDPEC achieved a net profit after tax of EGP 744m during the nine months ending last September, compared to EGP 358m in the corresponding period, an increase of 1.07 times.
Revenues jumped to EGP 5.802bn in the period January-September 2022, compared to EGP 3.769bn in the same period.