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Sunday, December 10, 2023 16:30 GMT
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).