Abu Qir Fertilisers earnings slump 13%, record EGP 1.44 mln

Abu Qir Fertilisers and Chemical Industries (ABUK) earnings have dropped by 13 percent YoY , recording  1.44 billion Egyptian pounds, while revenues have decreased by 3.4 percent to 4 billion pounds, according to the company’s preliminary financial results.

The gross profit margin stood at 37.5 percent in the first half of 2019/20.

ABUK clarified that the decrease in revenues stemmed from a 12 percent fall in domestic sales prices in addition to low average export prices, coupled with a stronger EGP.

Also, earnings shrank on the back of the non-recurring FX gains worth  223 million Egyptian pounds recorded in the comparable period last year, the company said.

source: Ahram online