Exports of chemical industries reached EGP287 million in Q1 2017

CAIRO – 18 April 2017: Total exports of Chemical Industries Holding Company’s (CIHC) subsidiaries in the first quarter of the fiscal year (FY) 2016/2017 reached EGP287 million, chairman of CIHC, Yasser el-Nagar said in a statement on Monday.


CIHC is one of eight public holding companies under the administration of the Public Sector Ministry. The government is striving to boost these companies’ profits after years of unsatisfying outcomes.


Consolidated results of the first half of FY 2016/2017 showed a significant increase in the companies’ revenues to stand at EGP 2.7 billion, compared to EGP 702 million last year.


Naggar said that some subsidiaries have made significant achievement regarding exports, including the Egyptian Chemical Industries Company (KIMA), with exports recording EGP108 million and Delta for Fertilizers and Chemical Industries’ (ASMEDA) registering EGP 48 million in exports.


Also, exports of the Eastern Company amounted to EGP 47 million, Sinai Manganese Company (SMC) reached EGP28 million, El- Mex Salines recorded EGP31 million and El Nasr Salines Co. stood at EGP12 million, according to the statement.


"The half-year indicators proved these companies were able to achieve growth in exports more than the previous fiscal year as many companies had benefited from recent economic reforms despite increases in prices of raw materials and inputs" Naggar said.


He added that maximizing CIHC'S exports is one of the important factors to boost the economy and increase the availability of dollars in the market.