KIMA Egypt Says Net Profit 21.6% up in FY12/13

The Egyptian Chemical Industries (Kima) (EGCH.CA) announced a 21.6 percent increase in its net profit for the fiscal year of 2012/13 to EGP 159 million, compared to EGP 131 million for the same period a year earlier.

On Tuesday, the firm has disclosed that it signed the definitive loan agreement contract after more than one a year talks with 5 local lenders.

The National Bank of Egypt (NBE), Commercial International Bank (CIB), Banque Misr, Banque Du Caire and Arab African International Bank (AAIB), are arranging US$ 375 million loan for Kima.

Banking source said NBE, Banque Misr, CIB and AAIB will each contribute US$ 100 million to Kima’s loan; while Banque Du Caire’s contribution is agreed to be up to US$ 75 million.

The loan will be used to finance the renewal of Kima’s fertilizers factory and the construction of two lines for producing Ammonia and Urea powered by natural gas in Aswan with investment cost of US$ 787 million.