Cairo – Mubasher: Sidi Kerir Petrochemicals (Sidpec) posted a 33.48% year-on-year profit drop during the first half of 2019, according to the company's unaudited financial results. 

Net profits tumbled to EGP 453 million from January to June, compared to EGP 681 million in the corresponding period of 2018, according to a statement to the Egyptian Exchange (EGX) on Sunday.

The H1 profit decline was ascribed to lower selling prices on the back of the fall in international prices as well as the decrease in the US dollar exchange rate, the statement added.

Meanwhile, revenues retreated to EGP 2.52 billion in the six-month period ended 30 June from EGP 2.74 billion in the prior-year period.

During the first quarter of 2019, Sidpec’s net profits fell to EGP 193 million, compared to EGP 283 million in the year-ago period.