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MICH board members purchase production requirements for EGP 2.1m - Daily News Egypt

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MICH board members purchase production requirements for EGP 2.1m

Company records 8% growth in net profit during FY 2014/2015

Misr Chemical Industries (MICH) announced that its board members have adopted the purchase of the company’s productivity’s business requirements for EGP 2.1m.

The company’s business results indices during the last fiscal year (FY) 2014/2015, which ended on June 30, have shown an increase in net profits by 8%. They recorded approximately EGP 37.3m ($4.8m), compared to EGP 34.6m ($4.4m) in the previous FY 2013/2014.

The company revenues during FY 2014/2015 recorded EGP 195m, rising from EGP 166m achieved in FY 2013/2014.

MICH had previously announced a 6.7% growth in net profits for the nine-month period ending on 31 March, marking EGP 25.4m ($3.3m) compared to EGP 23.8m ($3.1m) during the same period last year.

The company operates in foreign trade, through importation and exportation businesses, as well as operating as a trade agent.

Furthermore, the company is specialised in producing sodium hydroxide, also known as caustic soda, and its chlorine derivatives, besides producing hydrochloric acid and hydrogen gas.

The company’s current capital is EGP 260m, distributed on 65m shares with a nominal value of EGP 4 per share, whilst the total assets’ growth marks 3.84%.

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