Cairo – Mubasher: Sidi Kerir Petrochemicals (Sidpec) on Wednesday reported a 31% year-on-year rise in profits for the first nine months of 2018 due to a growth in production and sales.

The company has logged EGP 922 million in profits for the nine-month period ended September, versus EGP 703 million in the prior-year period, according to a filing to the Egyptian Exchange (EGX).

Meanwhile, sales grew to EGP 4.2 billion, compared to EGP 3.3 billion in the same period a year earlier.

The increase in profits was mainly driven by the growth in production and sales, as well as the increase in the average cost of sale during the period, the company said.

Sidpec previously posted a net profit of EGP 681 million in the first half of the current year, versus EGP 607 million in the year-ago period.