Cairo – Mubasher: Abu Qir Fertilizers on Monday posted a 119% year-on-year hike in profits for fiscal year 2016/2017 on foreign exchange gains, according to a bourse filing.
The firm achieved a net profit of EGP 2.23 billion in the fiscal year ended June 2017 from EGP 1.02 billion in the prior fiscal year.
The company’s revenues amounted to EGP 6 billion from July 2016 to June 2017, versus EGP 3.9 billion in the same period of the year before.
Abu Qir Fertilizers attributed the increase in profits to the continuous pumping of gas in full capacity, which led to the decrease in operating costs and the improvement of economic return, in addition to the rise in the global prices of fertilizers and the liberalisation of the exchange rate, which led to an increase in the price of urea export.
The firm stated that it achieved foreign exchange gains of EGP 418 million, in addition to gains of EGP 360 million resulting from the management of the company's foreign exchange reserves to reach EGP 778 million in 2017.
Abu Qir Fertilizers achieved profits of EGP 1.77 billon in the nine months ended March 2017 from EGP 775.68 million in the corresponding period of the year before.
