Cairo – Mubasher: Egyptian Chemical Industries (Kima) has completed about 90% of KIMA 2 facility for ammonia and urea production in Aswan.

KIMA 2 facility is being constructed with over EGP 11 billion in investments, the company said in a filing to the Egyptian Exchange (EGX) on Wednesday.

In August, Kima announced that it achieved about 88% of KIMA 2 project, which is set to be opened next January.

Kima previously posted a 47.3% year-on-year decline in profits for fiscal year 2017/2018, recording a net profit of EGP 109.68 million, versus EGP 208.04 million.

Revenues shrank to EGP 573.3 million in the 12-month period ended June, versus EGP 607.8 million in FY16/17.