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Kima awards ammonia plant operation contract to Italian firm

Kima awards ammonia plant operation contract to Italian firm
Kima targets a profit of EGP 177.85 million in fiscal year 2021/2022
Kima
EGCH
1.73% 3.50 0.06

Cairo – Mubasher: The Egyptian Chemical Industries (Kima) decided to award the ammonia plant operation and maintenance contract to Italy’s Tecnimont.

The consideration amount for the operation and maintenance of the plant will be paid after deducting the dues owed by the Italian company to Kima, according to a statement to the Egyptian Exchange (EGX) on Monday.

Moreover, the company’s board of directors approved the planned budget for fiscal year 2021/2022 with a divisible profit of EGP 177.85 million in the coming fiscal year, compared to an expected profit of EGP 80.79 million in FY20/21.

During the first half (H1) of FY20/21, the company turned to net losses of EGP 631.26 million, versus net profits of EGP 42.78 million in the corresponding period a year earlier.