Cairo – Mubasher: Egyptian Chemical Industries (Kima) has completed 88% of KIMA 2 facility for ammonia and urea production in Aswan.

The facility, set to officially open in January 2019, will begin trial operation directly after the inauguration, Alborsa News reported, citing a source at Kima.

KIMA 2 is being built with nearly EGP 11.6 billion in investments, as KIMA financed 62.38% of the project through EGP 7.5 billion loans.

The financial indicators of Kima showed a 47.3% year-on-year decline in profits for fiscal year 2017/2018.

Net profit reached EGP 109.68 million at the end of June, versus EGP 208.04 million in the last fiscal year.