Cairo – Mubasher: The net earnings of Abu Qir Fertilizers soared by 114.70% during the first quarter of fiscal year (FY) 2022/2023 to EGP 2.77 billion, compared to EGP 1.29 billion in the year-ago quarter.
The company’s revenues reached EGP 4.79 billion during the July-September period in 2022, compared to EGP 2.65 billion in the corresponding period a year earlier, according to a bourse disclosure on Monday.
The higher profits were driven by the continuous operation of all plants at full capacity, coupled with an improvement in the average prices of exports, free sale, and agricultural associations, among other reasons.
During FY21/22, the 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.
