Egypt: Abu Qir Fertilizers posts higher profits at $473mln in FY22/23

The net profits after tax of Abu Qir Fertilizers amounted to EGP 14.64 billion during fiscal year (FY) 2022/2023, higher by 61.70% year-on-year (YoY) than EGP 9.05 billion.

The EGX-listed firm posted a 32.01% jump in sales to EGP 21.55 billion during the 12-month period that ended on 30 June 2023, compared to EGP 16.33 billion a year earlier.

Basic earnings per share (EPS) hiked by 61.23% YoY to EGP 9.69 in FY-22/23 from EGP 6.01, according to the unaudited financial results that were approved by the board members on 31 July.

During the July 2022-March 2023 period, Abu Qir Fertilizers logged net profits after tax valued at EGP 12.95 billion, an annual leap of 86.07% from EGP 6.96 billion.

Last month, the company’s board greenlighted the capital budget for FY23/24, with targeted net profits before tax and total revenues amounting to EGP 6.56 billion and EGP 16.34 billion, respectively.