Abu Qir Fertilizers posts 13% profit drop in H1 2019/20 unaudited financials

Net profits went down

A trader works at the Egyptian stock exchange in Cairo, Egypt.

A trader works at the Egyptian stock exchange in Cairo, Egypt.

REUTERS/Mohamed Abd El Ghany
Cairo – Mubasher: The unaudited financial results of Abu Qir Fertilizers revealed a 13.3% year-on-year profit decline during the first half of fiscal year 2019/2020.

Net profits went down to EGP 1.43 billion in the July-December period of 2019, compared to EGP 1.65 billion in the same period a year earlier, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.

Meanwhile, revenues retreated to EGP 3.99 billion in the six-month period ended 31 December from EGP 4.13 billion in the year-ago period.

The drop in profits was attributed to lower sales prices in the local market to EGP 4,150 per tonne from EGP 4,700 per tonne, along with a decline in the average export sales prices in the international market.

Moreover, the appreciation of the Egyptian pound against the US dollar has negatively affected the company’s exports sales and revenues.

It is worth mentioning that during the first quarter of FY19/20, Abu Qir Fertilizers posted a net profit of EGP 751.6 million, compared to EGP 752.8 million in the year-ago period.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2020 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 Markets