Cairo – Mubasher: Abu Qir Fertilizers’ higher profit in fiscal year 2018/2019 was supported by a 14% growth in the sales revenues, outweighing a 5.4% rise in the cost of goods sold, according to a report released by MubasherTrade Research.
This led to a 29% year-on-year growth in the gross profit, increasing the company’s gross profit margin to 40% in FY18/19 from 35.4% in FY17/18, the report added.
Sales revenues amounted to EGP 8.584 billion in the twelve-month period ended 30 June, compared to EGP 7.552 billion a year earlier.
Meanwhile, the company’s gross profit rose to EGP 3.44 billion in FY18/19 from EGP 2.67 billion in FY17/18.
Abu Qir Fertilizers logged a net profit of EGP 3.15 billion from July 2018 to last June, compared to EGP 2.4 billion in the year-ago period.
Local sales revenues amounted to EGP 2.978 billion in FY18/19, accounting for 35% of the company’s total sales revenues.
In addition, the company’s export sales registered EGP 5.576 billion in in FY18/19, making up 65% of the company’s total sales revenues.
Abu Qir Fertilizers attributed the FY18/19 profit growth to the rise in export sales as well as the increase in the prices and the other non-operating income.
