Cairo – Net profit after taxes of Abu Qir Fertilizers hiked by 158% on an annual basis during fiscal year (FY) 2021/2022 ended on 30 June 2022 to reach EGP 9.05 billion, compared to EGP 3.52 billion a year earlier.

The increase in profits was driven by continuous operation of all plants at full capacity, improvement in the average prices of exports, free sale, and agricultural associations during FY21/22., in addition to higher investment income in invested companies, according to a bourse filing on Thursday.

Sales revenue for FY21/22 reached EGP 16.33 billion, an increase of 85% from EGP 8.84 billion in FY20/21.

During the first nine months (9M) of FY21/22, the net profits of Abu Qir Fertilizers jumped by 184.87% to EGP 6.96 billion from EGP 2.44 billion in the same period a year earlier.

Meanwhile, the company's revenues reached EGP 12.04 billion in the July-March period of FY21/22, up 91.02% from EGP 6.30 billion in the year-ago period.

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