Cairo – Abu Qir Fertilizers’ ordinary general meeting (OGM) has approved distributing EGP 3 per share in cash dividends to shareholders for fiscal year (FY) 2021/2022 through two batches.

Valued at EGP 1 per share, the first batch of distributions will be paid on 20 October 2022, whilst the second batch, amounting to EGP 2 per share, will be paid on 29 December 2022, according to a stock exchange statement on Sunday.

Furthermore, the general assembly agreed to set up a reserve for expansion and contribution to future sister companies at a value of EGP 5.80 billion from FY21/22 dividends.

During FY21/22, net profit after tax of Abu Qir Fertilizers hiked by 158% annually to reach EGP 9.05 billion, compared to EGP 3.52 billion a year earlier.

The higher annual profits were driven by continuous operation of all plants at full capacity, coupled with an improvement in the average prices of exports, free sale, and agricultural associations during FY21/22, among other reasons.

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