Sidpec is beginning to recover from last year’s tumult in the energy markets: Sidi Kerir Petrochemicals (Sidpec) generated net income of EGP 151.7 mn in 1Q2021, against losses of EGP 31.3 mn during the same quarter a year earlier, the company said in its quarterly earnings release (pdf). Net sales jumped 38% during the quarter, hitting EGP 1.3 bn compared to EGP 951 mn in 1Q2020. The crash in energy prices last year hit the company hard, causing profits to plunge almost 20x to EGP 26 mn from EGP 487 mn in 2019.

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