Sidi Kreir Petrochemicals

Sidpec operates in the petrochemicals sector. The Company.s polymer portfolio includes linear low density polyethylene (LLDPE) & high density polyethylene (HDPE), which are used in different applications, including film, blow molding, roto molding and injection molding. Its products include plastic bags, heavy duty sacks, agricultural films, containers, pallets, boxes, dustbins, toys and container tanks. Sidpec produces 300,000 tons of ethylene, 225,000 tons of polyethylene,annually. The company recently established a new ethylene venture with 400 ktpa with the Egyptian Petrochemicals Holding Company (Echem) and GASCO. SKPC is expected to own 20% of the new company. The project, due to be completed in three years, will be financed by local banks, including National Bank of Egypt, Banque Misr SAE, Commercial Intl Bank SAE, National Societe General Bank SAE & Arab African Bank. SKPC will own 20% of the new venture. The project is part of Egypts Petrochemical Master.
Financial Performance:
4% higher profits in 1Q11: SKPC posted 4.2% gain in 1Q11 net profit amounting to EGP223mn vs. EGP214mn a year earlier Plan.