Cairo - Mubasher: Abu Qir Fertilizers on Sunday posted a year-on-year 94% increase in profits in the first quarter of the fiscal year 2017/2018 due to revenue growth.

The company achieved profits of EGP 467.11 million in the first quarter of its FY17/18 ended in September, compared to EGP 240.02 million in the same period last year, according to a bourse filing.

Abu Qir’s revenues rose to EGP 1.48 billion in Q1-17, versus EGP 876.8 million in Q1-16.

 The firm had previously reported a surge in profits reaching EGP 2.23 billion in the fiscal year ending June 2017, compared to EGP 1.2 billion in the prior fiscal year.

Revenues jumped to EGP 6 billion from July 2016 to June 2017, compared to EGP 3.9 billion in the same period of the year before.