Cairo – Mubasher: Sidi Kerir Petrochemicals (Sidpec) is targeting to invest EGP 1.03 billion in 2018, according to the company's investment budget in the next year.

The company aims at implementing EGP 919.5 million projects in 2018, in addition to development investments worth EGP 114.4 million, Sidpec highlighted in a statement to the Egyptian Exchange (EGX) on Thursday.

The company noted that its 2018 investment budget was drafted on the basis of an exchange rate of EGP 17 to the dollar.

Sidpec had previously posted a net profit of EGP 703 million in the first nine months of 2017, up from EGP 543 million in the prior-year period.

In January, Sidpec said that its estimated budget for 2017 seeks to achieve a net profit of EGP 823.1 million.