Egypt’s Abu Qir Fertilizer net profit jumps 158% in FY2021/22

Egypt’s Abu Qir Fertilizer and Chemical Industries reported a 158 percent growth year-on-year growth in net profit after tax during the financial year 2021/2022 that ended last June.

The company registered net profit after tax worth up to 9.1 billion Egyptian pounds ($475.2 million) in the 2021/2022 year, from $3.5 billion in the 2020/2021 year.

Revenues also climbed 85 percent year-on-year to 16.3 billion pounds at the end of June.

Last March, Abu Dhabi’s sovereign wealth fund ADQ bought state-held stakes in Abu Qir Fertilizer and Chemical Industries along with a number of Egyptian firms.

Earlier this month, the Saudi Egyptian Investment Co (SEIC), part of Saudi Arabia’s Public Investment Fund (PIF) and the Sovereign Fund of Egypt (TSFE) acquired minority stakes in Abu Qir Fertilizer along with three other state-run firms.

The acquisitions come in light of Egypt’s plan to expand ownership base and encourage direct foreign investment.

Later on August 12, Al Ahly Capital Holding Company sold its entire stake in Abu Qir Fertilizers.  It sold 52.8 million shares, representing 4.18 percent of its capital in Abu Qir, for 1.53 billion pounds and an average share price of 23.26 pounds.