Egypt: KIMA posts 83% YoY profit growth in FY 2022/23

Egyptian Chemical Industries (KIMA) reported an 83.55% year-on-year increase in net profit after tax during the elapsed fiscal year (FY) 2022/2023, according to the financial statement filed to the Egyptian Exchange (EGX) on August 21st.

The company’s profits after tax rose to EGP 1.195 billion in the previous FY ended June 30th 2023, from EGP 651.486 million in FY 2021/2022.

Sales surged 48.88% YoY to EGP 6.611 billion in FY 2022/2023, compared to EGP 4.440 billion in the FY before.

KIMA is an Egypt-based chemical producer, founded in 1956 to produce nitrogenous manure for the Southern Valley by using the elector-hydraulic power generated by the Aswan Dam