Cairo - Mubasher: Abu Qir Fertilizers logged net profits of EGP 3.51 billion in fiscal year (FY) 2020/2021, up by 30.47% year-on-year (YoY) from EGP 2.69 billion, the unaudited financial results showed.
Meanwhile, the revenues levelled up to EGP 8.84 billion in the year ended 30 June from EGP 7.88 billion a year earlier, the company said in a bourse disclosure on Sunday.
The profit growth was mainly ascribed to higher volumes of production and sales, the continuous operation of factories which led to lower costs of operation, and the increase in export prices during the second half (H2) of FY20/21.
During the first nine months of FY20/21, Abu Qir Fertilizers reported net profits of EGP 2.44 billion, up from EGP 2.13 billion in the year-ago period.
