KIMA set to begin operations at its new facility by Jan 2019
Egyptian Chemical Industries (KIMA) [EGCH] has announced that its KIMA 2 project for ammonia and urea production will begin commercial operations in Jan 2019. It is worth noting that the project's investment cost is estimated at EGP11bn and is being executed by the Technimont. Management has previously expected the start-up of commercial operations earlier in 2018-19; however, we had estimated that the project would start contributing to earnings by 2019-20e due to delays.
Egyptian Chemical Industries (Kima): EGP7.05 as of 21 Mar. 2018, Rating: Sell, TP: EGP6.10/share, MCap: USD253mn, EGCH EY/EGCH.CA
Ahmed Hazem Maher
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