Tecnimont, Egyptian Chemical Industries Unveil Joint Project

The extraordinary general meeting of Egyptian Chemical Industries (Kima) has approved the final price for the nitric acid and ammonium nitrate project with Tecnimont, according to a bourse disclosure. In accordance with the terms concluded with Tecnimont, the total value of the joint venture (JV) stands at US$297 million, equivalent to EGP 1.60 billion (US$51.78 million).

The board members of Kima greenlighted the Italian company’s offer to implement a project with a daily production capacity of 600 tonnes of acid and 665 tons of ammonium nitrate. In fiscal year (FY) 2022/2023, the EGX-listed firm posted an 83% year-on-year (YoY) hike in net profit after tax to EGP 1.19 billion (US$38.51 million), compared to EGP 651.48 million (US$21.09 million). Revenues increased by 49% to EGP 6.61 billion in FY22/23 from EGP 4.44 billion in FY21/22, while the earnings per share (EPS) hiked by 90% to EGP 1 (3.24 cents) from EGP 0.52 (1.68 cent).