Cairo – Mubasher: The board of Abu Qir Fertilizers has approved the budget scheme for fiscal year 2018/2019, with targeted profits of EGP 1.8 billion.

The fertilisers producer aims to achieve revenues of around EGP 6.79 billion and sales of EGP 6.2 billion in FY18/19, the company said in a filing to the Egyptian Exchange (EGX) on Monday.

The financial indicators of Abu Qir showed a 10% year-on-year surge in profits for the nine months ended March 2018 with EGP 1.95 billion in profits during the first nine-month period of fiscal year 2017/2018, compared to EGP 1.77 billion in the same period of FY16/17

It is worth noting that Abu Qir plans to invest EGP 3.1 billion in plants’ units during FY17/18.