Egypt’s Abu Qir Fertilizers records high profits of $473mln in FY22/23

Egypt’s Abu Qir Fertilizers and Chemical Industries reported on Tuesday a 14.64 billion Egyptian pounds net profits after tax during fiscal year (FY) 2022/2023. The profits were higher by 61.70 percent year-on-year (YoY) than 9.05 billion pounds.

The EGX-listed firm recorded a 32.01 percent rise in sales to 21.55 billion pounds during the 12-month period which ended on 30 June 2023, up from 16.33 billion pounds the year before.

Basic earnings per share (EPS) soared by 61.23 percent YoY to 9.69 pounds in FY-22/23, up from 6.01 pounds, according to the unaudited financial results that were approved by the board members on Monday.

During the July 2022-March 2023 period, the company registered net profits after tax with a value of 12.95 billion pounds, recording an annual leap of 86.07 percent from 6.96 billion pounds.

The company’s board greenlighted the capital budget for FY23/24 in July, with targeted net profits before tax and total revenues of around 6.56 billion pounds and 16.34 billion pounds, respectively.