Abu Qir Fertilizers records 88% profit hike in Q1-21/22 initial financials

The revenues soared

Cairo – Mubasher: Abu Qir Fertilizers achieved net profits of EGP 1.289 billion in the first quarter (Q1) of fiscal year (FY) 2021/2022, an increase of 88% year-on-year (YoY) from EGP 686.5 million, the unaudited financial results showed.

The revenues soared to EGP 2.655 billion in the July-September period of 2021, compared to EGP 1.748 billion in the corresponding period a year earlier, the company said in a bourse disclosure on Sunday.

The profit surge was ascribed to higher volumes of production and sales as well as improved export rates thanks to the entry of new markets and the resilient marketing and sales policy adopted by the company.

In FY20/21, Abu Qir Fertilizers posted net profits of EGP 3.51 billion, up by 30.47% from EGP 2.69 billion a year earlier.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2021 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Equities