Cairo – Mubasher: The net profits of Sidi Kerir Petrochemicals (Sidpec) plummeted by 94.66% year-on-year (YoY) to EGP 26 million in 2020 from EGP 487 million, the unaudited financial results showed.

Sidpic generated EGP 3.46 billion in sales last year, down from EGP 4.96 billion in 2019, according to a bourse disclosure on Wednesday.

The decline in net profits was ascribed to lower selling prices of petrochemicals locally and globally in 2020 due to the strong competition and lower demand.

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.