Cairo – Mubasher: Egyptian Chemical Industries (Kima) has recorded net profits after tax worth EGP 481.94 million in the first nine months (9M) of fiscal year (FY) 2021/2022, against net losses of EGP 1.01 billion in 9M-20/21.
Revenues jumped by 378% year-on-year (YoY) to EGP 3.12 billion during the 9M period from 1 July 2021 to 31 March 2022, compared to EGP 825.44 million.
Kima attributed the profitability in 9M-21/22 to an increase in sales as well as investment revenue worth EGP 2.29 billion and EGP 31 million, respectively. Other factors were a plunge of EGP 130 million in debit interest and a surge of EGP 2.70 million in credit interest.
During the first half (H1) of FY21/22, which ended on 31 December 2021, Kima also turned to profits worth EGP 331.23 million, against net losses of EGP 631.26 million in H1-20/21.
Earlier this year, the listed company announced its target of EGP 177.85 million in net profit during FY21/22, while it planned to achieve net profits after tax worth EGP 426.41 million in FY22/23.