«Holding for Chemical Industries» aims to pump 2.6 billion pounds investments

«Holding for Chemical Industries» aims to pump 2.6 billion pounds investments



Mahmoud Mekled:


Published in :
Saturday 10 November 2018 – 7:55 PM
| Last updated :
Saturday 10 November 2018 – 7:55 PM

The Holding Company for Chemical Industries aims to inject investments of 2.6 billion pounds in its subsidiaries during the current fiscal year in order to support companies and conduct a number of planned expansions.
"The coming period will see a significant improvement in the status of most of the subsidiaries. We have one objective: to improve the situation of these companies and to reorganize them, and to take advantage of all unused assets.
Mustafa stressed that all the investment projects contained in the budget have been carefully studied, proved their economic feasibility and their positive impact on the profitability of companies.
"The restructuring of the subsidiaries is aimed at increasing the volume of profits and sales, not privatization or sale. We will be making significant expansions in several subsidiaries such as Kima and Rakta, Al-Nasr Fertilizers Company through the addition of an industrial wastewater treatment unit, Pounds, and pump about 145 million pounds for a mobile plant plant company Sigwart ».
The General Assembly of the Holding Company for Chemical Industries has adopted the budget 2018-2019, which began in July and ends in June.
The chemical holding company aims to achieve a net profit of LE 488 million and revenues of LE 1.162 billion. The consolidated general budget of the company and its subsidiaries also aims to achieve a net profit of LE 2.9 billion during the new financial year.
The extraordinary general assembly held by the chemical company last July agreed to increase the issued and paid-up capital by LE 913 million to become LE 4 billion in support of the company's financial position and commensurate with the volume of its investments in the subsidiaries.

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