EFIC’s net profit soars 385% YoY in Q1

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Net profit after tax registered over $5mln in Q1 2022

Staff Writer, Arab Finance

April 29, 2022

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Egyptian Financial and Industrial’s (EFIC) net profit after tax ballooned 385% year-on-year (YoY) in the first quarter (Q1) of 2022, according to financial indicators filed to the Egyptian Exchange (EGX) on April 28th.

Net profit after tax registered over $5mln (EGP 98.364mln) in Q1 2022, compared to a profit of over $1mln (EGP 20.296mln) in the same quarter of 2021.

The company’s revenue surged 68% YoY to over $16mln (EGP 308.672mln) in the three-month ended March 31st from $9mln (EGP183.57mln).

EFIC is an Egypt-based company involved in the production and marketing of agricultural chemicals. The company focuses on the production and distribution of chemical resources and agricultural fertilizers, as well as the production of plastic and general bags to fill up its products.

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