This article reports that the Egyptian Chemical Industries Company (KIMA) has incurred significant losses during the first quarter of the current fiscal year 2026-2027.
Summary of the News:
Egyptian Chemical Industries Company (KIMA) recorded net losses of 493 million Egyptian Pounds in the first quarter of the fiscal year 2026-2027, a stark contrast to the net profit of 482.7 million EGP achieved in the corresponding period of the previous fiscal year 2025-2026. The company attributed this reversal to several factors, including a surge in the cost of activity revenues, which reached approximately 1.3 billion EGP. Additionally, KIMA registered significant currency exchange losses amounting to 467 million EGP. A primary driver for the increased activity costs was a substantial 65% hike in the minimum price of natural gas, a key input for production, rising from $5.5 to $8.5 per million British Thermal Units (MMBtu). These combined pressures of higher gas costs and currency losses led to the company’s shift from profitability to losses.
