Cairo – The extraordinary general meeting of Egyptian Chemical Industries (Kima) has approved the final price for the nitric acid and ammonium nitrate project with Technomont, according to a bourse disclosure.

In accordance with the terms concluded with Technomont, the total value of the joint venture (JV) stands at $297 million, equivalent to EGP 1.60 billion.

The board members of Kima greenlighted the Italian company’s offer to implement a project with a daily production capacity of 600 tonnes of acid and 665 tonnes of ammonium nitrate.

In fiscal year (FY) 2022/2023, the EGX-listed firm posted an 83% year-on-year (YoY) hike in net profit after tax to EGP 1.19 billion, compared to EGP 651.48 million.

Revenues increased by 49% to EGP 6.61 billion in FY22/23 from EGP 4.44 billion in FY21/22, while the earnings per share (EPS) hiked by 90% to EGP 1 from EGP 0.52.

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