Egypt’s Abu Qir Fertilizers net profit jumps 157.8% in FY2021/22

Egypt’s state-run Abu Qir Fertilizers and Chemicals Industries reported on Thursday a 157.8 percent year-on-year growth in net profit for the financial year 2021/2022 that ended last June.

Net profit registered 9.05 billion Egyptian pounds ($478.3 million) in the 2021/2022 year from 3.51 billion pounds in the 2020/2021 year, according to the company’s unaudited financial indicators published in a bourse filling.

The company attributed the increase to the continuous operation of all plants with full capacity, and improvement in the average prices of export, free sale, and agricultural associations. This is in addition to good marketing of its products while opening new markets, flexible sales and marketing policy, the liberalisation of the exchange rate, good financial portfolio management, increasing investment income in invested companies.

Sales rose to 16.33 billion pounds at the end of June 2022, from 8.84 billion pounds at the end of June 2021.