Cairo – Mubasher: Misr Fertilizers Production Co (Mopco) recorded consolidated net profits after taxes of EGP 2.48 billion in 2020, up by 51% year-on-year (YoY) from EGP 1.64 billion.
On the other hand, sales retreated to EGP 7.33 billion last year, compared to EGP 8.1 billion in 2019, Mopco said in a bourse disclosure on Tuesday
The profit hike was ascribed to lower financing expenses by EGP 689 million as a result of the appreciation of the Egyptian pound against the US dollar and the decline in due taxes by EGP 463.5 million.
In February, the company reported standalone net profits of EGP 1.14 billion in 2020, compared to EGP 830.42 million in 2019.
During the first nine months of 2020, Mopco achieved consolidated net profits of EGP 1.68 billion, up from EGP 1.25 billion in the corresponding period a year earlier.
The company posted standalone net profits at EGP 725.14 million in the January-September period of 2020, up from EGP 561.6 million in the prior-year period.