EFIC reports lower profit

ArabFinance: The Egyptian Financial and Industrial Company (EFIC) reported a 32% Year on Year decline in its consolidated net profit in the first three months of the fiscal year (FY) 2020/2021, according to the company’s October 25^thfinancial statements filed to the Egyptian Exchange.

Standalone net profit after tax stood at EGP 37.211 million in the January-September period of 2020, compared to EGP 54.504 million achieved in the prior-year period.

The company attributed the profit decrease to the steep decrease in exports of granulated fertilizer. EFIC has exported 27,020 tons of granulated fertilizer in the January-September period of 2020 with 78% YoY decrease.

It distributed cash dividends amounting to EGP 0.750 per share on May 14^th to the shareholders recorded on May 11^th.

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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