Cairo – Mubasher: Abu Qir Fertilizers and Chemicals Company has recorded a net profit of EGP 2.59 billion during the first nine months of fiscal year 2018/2019, rising 33.41% year-on-year from EGP 1.94 billion.
The company’s sales amounted to EGP 6.49 billion in the nine-month period ended last March, versus EGP 5.68 billion in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Sunday.
The growth in the nine-month profits was driven by the company’s new policy of replacement and restructuring that made its factories operate by a capacity surpassing 100%, in addition to the improvement of the prices of export products and profits for its units during the period.
In February, Abu Qir Fertilizers announced its net profits in the six-month period ended December 2018 totalled EGP 1.65 billion, versus EGP 1.24 billion in the corresponding period of 2017.
Moreover, revenues grew to EGP 4.9 billion in the first half of FY18/19, compared to EGP 4.15 billion in H1-17/18.
