Cairo – Mubasher: Sidi Kerir Petrochemicals (Sidpec) reported a 31.8% year-on-year profit decline during the first quarter of 2019.

Sidpec’s net profits plunged to EGP 193 million in the three-month period ended 31 March, compared to EGP 283 million in the year-ago period, according to a filing to the Egyptian Exchange (EGX) on Sunday.

Meanwhile, revenues retreated to EGP 1.22 billion in Q1-19 from EGP 1.24 billion in Q1-18.

For the full-year 2018, the EGX-listed firm’s profits logged EGP 1.2 billion, compared to EGP 1.13 billion in the prior year.