Egypt’s CIHC: affiliates get net profits worth $75.7mn in FY2015/16

The Egyptian state-run Chemical Industries Holding Company’s (CIHC) affiliates achieved net profit increased by 28 percent to 1.34 billion Egyptian pounds ($75.7 million) within 2015-2016, it announced on Sunday.

Revenues reached 11.2 billion pounds against 10.5 billion pounds during the same period, marking a seven percent growth.

Surplus after tax climbed to 815 million pounds, to grow by 20 percent compared to the last year.

The announcement were made following a board meeting headed by Reda AL-ADEL, chairman of CIHC, to approve the budget of 18 affiliates companies and its business results of the last financial year 2015-2016.