Cairo – Mubasher: Abu Qir Fertilizers and Chemicals Company on Sunday posted a 32.4% year-on-year increase in profits for the first half of fiscal year 2018/2019.

Net profits amounted to EGP 1.65 billion in the six-month period ended December, versus EGP 1.24 billion in the same period of 2017, according to a filing to the Egyptian Exchange (EGX).

Revenues rose to EGP 4.9 billion in H1-18/19, slightly up from EGP 4.15 billion in the same period a year earlier.

The company attributed the increase in profits to its flexible marketing policy, in addition to the excellent management of its financial portfolio.

In November, Abu Qir Fertilizers reported a 61% year-on-year surge in profits for the first quarter of FY18/19, registering a net profit of EGP 752.8 million, compared to EGP 467.11 million.

Additionally, revenues jumped 54% year-on-year to EGP 2.15 billion in the six-month period ended September 2018.