Egypt: Mopco generates 17% higher consolidated net profits in Q1-23

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Cairo – Misr Fertilizers Production Company (Mopco) registered consolidated net profits after tax worth EGP 2.45 billion in the first quarter (Q1) of 2023, an annual rise of 17% from EGP 2.08 billion, including minority interest.

Sales increased by 21% year-on-year (YoY) to EGP 5.08 billion in Q1-23 from EGP 4.21 billion, according to the consolidated income statements.

The basic and diluted earnings per share (EPS) reached EGP 10.70 in the January-March 2023 period, higher than EGP 7.48 in Q1-22.

Meanwhile, the total assets hit EGP 54.69 billion in Q1-23, versus EGP 43.80 billion as of 31 December 2022.

In the first three months (3M) of 2023, Mopco witnessed an annual hike in standalone net profit after tax to EGP 3.92 billion from EGP 2.03 billion.

Last year, the company’s consolidated net profits after tax enlarged by 51% to EGP 7.25 billion, compared to EGP 4.79 billion in 2021, including non-controlling equity.