The “Misr Chemicals Industry” company has revealed the planning budget for the fiscal year 2021-2022, which is to be held by the General Assembly for discussion on Sunday April 4th for approval.
The company is targeting a profit of 100 million pounds in the fiscal year budget on June 30, 2022.
Egypt aims for the chemical industry to achieve sales of 425 million pounds during the fiscal year 2021 * 2022, compared to 365.7 million pounds by the end of June 2020.
The planning budget includes an expected increase in the cost of sales, to reach 256.85 million pounds by the end of June 2022, compared to 231.22 million pounds by the end of June 2020.
The budget aims to grow the basic share of profits to reach 1.37 pounds for the fiscal year 2021/2022, compared to 0.87 pounds by the end of June 2020.
The “Misr Chemical Industry” company decided to invite the company’s board of directors to convene on February 28th. To discuss the draft planning budget for the year 2021-2022.
Misr Chemical Industries achieved a growth in net profit after tax by 4.7 times, to reach 82.262 million pounds, during the six months ending last December, compared to 14.339 million pounds in the corresponding period.
Revenues rose, according to the income statement sent to the stock exchange today, to 248.635 million pounds, during the period from the beginning of July to the end of December 2020, compared to 153.591 million pounds in the comparative period.
The total profit increased during the same period to 121.540 million pounds, compared to 43.591 million pounds in the same period in 2019.
The basic share of earnings per share was 1.12 pounds, compared to 0.20 pounds in the comparative period.
Egypt for the chemical industry attributed the increase in its profits to the increase in demand for its products during the six months ending last December, in addition to the increase in selling prices compared to the same period from the previous year.
The article “Misr for Chemical Industry” aims to profit 100 million pounds in the 2021-2022 budget, it was written in the Al-Borsa newspaper.