Cairo – Mubasher: The unaudited financial results of Abu Qir Fertilizers revealed a 13.3% year-on-year profit decline during the first half of fiscal year 2019/2020.

Net profits went down to EGP 1.43 billion in the July-December period of 2019, compared to EGP 1.65 billion in the same period a year earlier, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.

Meanwhile, revenues retreated to EGP 3.99 billion in the six-month period ended 31 December from EGP 4.13 billion in the year-ago period.

The drop in profits was attributed to lower sales prices in the local market to EGP 4,150 per tonne from EGP 4,700 per tonne, along with a decline in the average export sales prices in the international market.

Moreover, the appreciation of the Egyptian pound against the US dollar has negatively affected the company’s exports sales and revenues.

It is worth mentioning that during the first quarter of FY19/20, Abu Qir Fertilizers posted a net profit of EGP 751.6 million, compared to EGP 752.8 million in the year-ago period.