Cairo – Mubasher: Sidi Kerir Petrochemicals (Sidpec) is expecting to invest an amount of EGP 6.88 billion during the fiscal year 2020.

The company is expecting to spend EGP 78.8 million on replacements and upgrades in FY20, according to a bourse statement released on Thursday.

Sidpec set the US dollar exchange rate against the Egyptian pound at EGP 16.5 in 2020 budget.

It is worth noting that Sidpec’s net profits retreated to EGP 521 million in the nine-month period ended 30 September, compared to EGP 922 million in the year-ago period.