Cairo - Mubasher: Misr Fertilizers Production Company (Mopco) on Sunday reported a significant rise in its net profits for 2016 by 129.4% on an annual basis.
Net profits reached EGP 709.9 million in 2016 compared to EGP 309.5 million in 2015, the company said in a statement to the Egyptian Exchange (EGX).
The company's board of directors did not specify the dividend to be distributed to the shareholders, leaving it for discussion in the ordinary general meeting (OGM).
Mopco's net sales rose to EGP 2.4 billion during 2016 from EGP 617.3 million in 2015, while the cost of sales increased to EGP 1.3 billion, compared to EGP 311.5 million in the year before.
Mopco said in a previous statement that it achieved a profit of EGP 1.84 billion from foreign currency exchange differences, as a result of the flotation of the Egyptian pound on 3 November, noting that net loss for the year after tax and the exclusion of currency differences amounted to EGP 1.13 billion.
The company’s standalone profits rose to EGP 2.53 billion in 2016, registering a surge of 896% compared to EGP 254.4 million in the year earlier.
Egypt floated its local currency against foreign ones in November 2016, resulting in huge gains and losses from currency exchange differences at all companies dealing with foreign currencies.
