How did Kima factories turn from loss to profit 651.4 million pounds?.. 8 information that answers

Kima Company, one of the companies of the Ministry of Public Business Sector affiliated to the Holding Company for Chemical Industries, will hold its regular general assembly next Sunday, corresponding to November 6, while the financial indicators of the Egyptian Chemical Industries Company – Kima, during the last fiscal year 2021-2022, showed its transformation from losses to profitability, on an annual basis. .Learn the details

1 – The company clarified in a statement to the Egyptian Stock Exchange that it achieved profits of 689.3 million pounds during the period from July 2021 until June 2022.

2- This is compared to losses amounting to 1.42 billion pounds in the previous fiscal year.

3- The company’s revenues increased during the last fiscal year to 4.44 billion pounds.

4 – compared to revenues of 1.4 billion pounds in the comparative period of the last fiscal year.

5- The company attributed its turn to profitability to the increase in sales revenues and the value of investment income and the decrease in debit interest by 130 million pounds.

6- The board of directors of the Egyptian Chemical Industries Company – Kima, approved the amicable settlement agreement to end all existing disputes regarding the ammonia and urea project, which was signed on May 11 with the Italian company Tecnimont, and authorized Engineer Mohamed Hassanein Radwan, CEO and Managing Director, to sign.

7- The agreement was sent to the Investment Contracts Dispute Settlement Committee at the Ministry of Justice to start the legal procedures required for its approval.

8 – The Board of Directors decided to extend the term of operation and maintenance services for the ammonia and urea plant with the Italian company Technimont.

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