Cairo – Mubasher: The unaudited standalone financial results of Misr Fertilizers Production Company (Mopco) showed a 29% year-on-year (YoY) rise in its net profits, registering EGP 725.14 million in the first nine months of 2020, compared to EGP 561.6 million.

Sales slid to EGP 1.67 billion in the January-September period from EGP 1.8 billion in the corresponding period a year earlier, the company said in a statement on Tuesday.

The profit growth was ascribed to a fall in average selling prices by $34 per tonne as well as the depreciation of the US dollar exchange rate against the Egyptian pound by EGP 1.26.

During the first half (H1) of 2020, Mopco recorded net profits of EGP 1.18 billion, up from EGP 937.72 million in H1-19.