Cairo – Mubasher: Egyptian Chemical Industries (Kima) has approved to renew the operation and maintenance contract for the ammonia and urea plant with Italy-based Tecnimont for two years, effective on 25 June.

Kima also renewed a contract with Schneider Electric for a two-year period, starting 1 July, to maintain equipment at the plant, according to a recent bourse filing.

It is noteworthy to mention that in the first nine months (9M) of fiscal year (FY) 2021/2022, Kima recorded net profits after tax worth EGP 481.94 million, against net losses of EGP 1.01 billion in 9M-20/21.