Asian Paints’ Singapore Unit Acquires Stake In Egypt’s SCIB Chemicals

In an exchange filing on June 27, Asian Paints said that the acquisition, amounting to Rs 4.13 million (around Rs 34.42 crore), was finalised following a share purchase agreement with SCIB's minority shareholders and necessary regulatory approvals under Egyptian law.

With this transaction, APIPL now holds a controlling stake of 85.6% in SCIB. For Q4FY24, the company’s revenue from operations decreased year-on-year (YoY) by 0.64% to Rs 8,730.76 crore, compared to Rs 8,787.34 crore in Q4FY23. The profit before tax also slipped by 5.28% to Rs 1,624.09 crore in Q4FY24, compared to Rs 1,709.85 crore in the same quarter previous fiscal. Net profit, however, increased by 1.32% to Rs 1,275.30 crore in the March 2024 quarter, compared to Rs 1,258.41 crore in Q4FY23.