Cairo – Mubasher: Sidi Kerir Petrochemicals (Sidpec) reported a 33.43% year-on-year profit decline during the first half of 2019.

Net profits plunged to EGP 453.2 million in the six-month period ended 30 June, compared to EGP 680.83 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

Year-on-year, revenues slid to EGP 2.52 billion in the January-June period of 2019 from EGP 2.74 billion.

The company ascribed the H1 profit drop to lower selling prices on the back of the retreat in international prices as well as the decrease in the US dollar exchange rate.