Sidi Kerir Petrochemicals Firm (SIDPEC) achieved a web revenue of EGP 2.539 billion in 2024, a 3% improve from 2023, pushed by sturdy monetary efficiency and sustainable progress regardless of international challenges.
The Firm introduced this throughout its basic meeting assembly to approve its fiscal yr ends in the presence of the Minister of Petroleum and Mineral Assets, Karim Badawi, and different officers from the petroleum sector.
“The corporate managed to maintain its distinguished trajectory in 2024, regardless of quite a few international financial and geopolitical challenges,” stated Mohamed Ibrahim, Chairman of SIDPEC.
He defined that the corporate maintained its sturdy monetary place as a result of a transparent technique carried out by the Ministry of Petroleum and Mineral Assets, geared toward maximizing the added worth of petrochemical initiatives beneath the second pillar of the ministry’s built-in technique. This was additional supported by the continuing steering and oversight of the Egyptian Petrochemicals Holding Firm (ECHEM).
SIDPEC produced 228,000 tons of ethylene, from which 33,000 tons have been allotted to ECHEM amenities, in accordance with Ibrahim. The corporate additionally produced 38,000 tons of untreated butane, together with 4,000 tons of high-octane naphtha.
Relating to polyethylene, the ultimate product, complete manufacturing reached 185,000 tons, about 60% of which was exported to generate greenback income, whereas 80,000 tons have been allotted for the native market.
The Firm’s business actions additionally contributed to the sale of 28,000 tons of varied polymers, which significantly boosted the corporate’s web income.
Ibrahim additionally said that SIDPEC has launched a number of main initiatives, together with an ethane import mission. It goals to safe manufacturing, guarantee operational stability, and assist future expansions. This mission is the results of a collaboration between the Alexandria Provide Chain Firm and nationwide firms.
The corporate additionally launched a mission to provide sodium cyanide as a free-zone mission in partnership with Draschem for Specialised Chemical substances, by overseas direct investments (FDIs), which fosters the added worth of SIDPEC’s industrial advanced in El-Nahda space, Alexandria.
Within the vitality sector, SIDPEC launched the Mixed Warmth and Energy (CHP) mission–a top-tier mission for rising vitality effectivity within the industrial sector, lowering carbon emissions, and elevating self-generated electrical energy manufacturing, thus enhancing sustainable improvement.
The chairman additionally emphasised that SIDPEC locations important significance on occupational security and well being and environmental safety, recording a complete of 13.885 million protected work hours. The Firm has additionally adopted a waste recycling methodology and up to date its environmental and well being administration techniques, acquiring legitimate ISO14001:2015 and ISO45001:2018 certifications till 2027.
Relating to its social accountability, SIDPEC continues to assist the group by sponsoring the SIDPEC Utilized Expertise Faculty, which trains expert professionals for the petrochemical and industrial sectors, as Ibrahim famous.
The Firm has additionally established a medical protocol to supply therapy to underprivileged residents in neighboring areas, and has contributed to the event of the intensive care unit on the Coptic Hospital in Alexandria. As well as, it’s actively concerned in group occasions and frequently donates to native improvement initiatives.
Minister Badawi highlighted the pivotal position firm performs in fostering native industries by supplying important petrochemical uncooked supplies to numerous industrial sectors. This technique considerably reduces reliance on imports and lowers import-related prices, in keeping with the nation’s formidable plans to assist the economic sector, he famous
Moreover, the minister praised the profitable initiatives undertaken by SIDPEC within the realm of group engagement. He emphasised the significance of sustaining these efforts, given their tangible optimistic impression and substantial advantages to the local people.
Notably, the Common Meeting authorized a dividend payout of EGP 1 per share in two installments, in addition to a 1:4 bonus share distribution.
