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Mopco's initial consolidated financials show 34% profit growth in 9M

Mopco's initial consolidated financials show 34% profit growth in 9M
Sales retreated to EGP 5.47 billion in the nine-month period
Mopco
MFPC
-0.33% 52.24 -0.17

Cairo -Mubasher: The unaudited consolidated financial results of Misr Fertilizers Production Company (Mopco) showed a 34% year-on-year (YoY) increase in its net profits, logging EGP 1.68 billion in the first nine months of 2020, compared to EGP 1.25 billion.

Sales retreated to EGP 5.47 billion in the nine-month period ended 30 September from EGP 6.21 billion in the year-ago period, the company said in a bourse disclosure on Thursday.

The company ascribed the profit growth to lower financing costs which slid by EGP 577 million YoY.

Earlier, Mopco reported its standalone net profits at EGP 725.14 million in the first nine months of 2020, up from EGP 561.6 million in the prior-year period.

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.