Cairo –  Abu Qir Fertilizers generated EGP 4.01 billion in net profit after tax during the first half (H1) of fiscal year (FY) 2023/2024, an annual drop of 43% from EGP 7.05 billion.

The revenues shrank by 23.30% to EGP 8.62 billion in H1-23/24 from EGP 11.23 billion in H1-22/23, according to the financial statements approved by the board on 31 January 2024.

Abu Qir Fertilizers highlighted that the lower net profits were due to a drop in sales value as a result of the decline in average export prices. This is in addition to a surge in the cost of operating supplies an and increase in the exchange rate of EGP against USD.

During the three-month period that ended on 30 September 2023, the EGX-listed firm witnessed a 27.37% year-on-year (YoY) plunge in net profit after tax to EGP 2.01 billion, versus EGP 2.77 billion.

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