Cairo – Mubasher: Sidi Kerir Petrochemicals (Sidpec) aims to generate EGP 164.27 million in net profits after taxes in 2021, compared to a target of EGP 503.5 million in 2020, the operating budget showed.

The company also targets EGP 4.47 billion in sales this year, down from a target of EGP 4.57 billion in 2020, according to a bourse disclosure on Sunday.

The company prepared its budget based on a dollar price of EGP 16 in the current year.

Earlier, Sidpic said that its 2021 budget includes EGP 86.68 million for replacement and renovation works.

During the first nine months of 2020, Sidpic incurred net losses of EGP 75 million, against net profits of EGP 521 million in the prior-year period.