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Mopco's consolidated profit grows 26% in H1-20

Mopco's consolidated profit grows 26% in H1-20
Sales fell to EGP 3.759 billion in the January-June period
Mopco
MFPC
-0.80% 51.86 -0.42

Cairo – Mubasher: The unaudited consolidated financial results of Misr Fertilizers Production Company (Mopco) showed net profits of EGP 1.18 billion in the first half (H1) of 2020, up by 26% year-on-year (YoY) from EGP 937.72 million.

The rise in net profits was ascribed to a decrease in financing costs by EGP 434 million and a rise in financing revenues by EGP 19.6 million, as well as a decline in income tax by EGP 186 million, according to a bourse disclosure on Monday.

Meanwhile, the company’s sales fell to EGP 3.759 billion in the January-June period from EGP 4.37 billion in the same period in 2019.

Mopco’s standalone net profits amounted to EGP 565.38 million over the six-month period ended 30 June, up from EGP 406 million in the prior-year period.

During the first three months of 2020, the company reported consolidated net profits of EGP 533.6 million, compared to EGP 435.2 million in the year-ago period.