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Abu Qir Fertilizers' unaudited financials show EGP 3bn profit in FY18/19

Abu Qir Fertilizers' unaudited financials show EGP 3bn profit in FY18/19
Sales rose to EGP 8.58 billion in FY18/19
Abu Qir Fertilizers
ABUK
-2.97% 63.09 -1.93

Cairo – Mubasher: Abu Qir Fertilizers and Chemicals Company posted a 30.4% year-on-year profit increase during fiscal year 2018/2019, the company's unaudited financial indicators showed. 

Net profits surged to EGP 3.157 billion from July 2018 to last June, compared to EGP 2.42 billion in the corresponding period a year earlier, according to a statement to the Egyptian Exchange (EGX) on Sunday.

Year-on-year, sales rose to EGP 8.58 billion in FY18/19 from EGP 7.55 billion.

The profit hike was ascribed to the company’s flexible marketing plan as well as the digital transformation plan which helped in reducing operating expenses and increasing revenues from Helwan Fertilizers Company and Alexandria Fertilizers Company.

According to its planned budget for FY19/20, the company expected its pre-tax profits to reach EGP 2.01 billion.

In addition, sales and revenues are likely to stand at EGP 6.5 billion and EGP 7.07 billion, respectively, while expenses are projected to register EGP 5.06 billion during the coming fiscal year.

During the first nine months of FY18/19, the Egyptian firm reported a net profit of EGP 2.59 billion from EGP 1.94 billion in the year-ago period.