Cairo – Mubasher: Abu Qir Fertilizers logged net profits after tax valued at EGP 2.01 billion in the first quarter (Q1) of fiscal year (FY) 2023/2024, down 27.37% from EGP 2.77 billion a year earlier.
Revenues plummeted by 9.62% year-on-year (YoY) to EGP 4.33 billion in Q1-23/24 from EGP 4.79 billion, according to the income statements.
The basic earnings per share (EPS) hit EGP 1.33 in the three-month period that ended on 30 September 2023, an annual drop of 27.72% from EGP 1.84.
Abu Qir Fertilizers highlighted that the lower net profits were driven by a decline in the sales value due to the decrease in average export prices as well as changes in the exchange rate of the Egyptian pound against the US dollar.
In FY22/23, the EGX-listed firm recorded a 61.70% leap in net profit after tax to EGP 14.64 billion, versus EGP 9.05 billion during the July 2021-June 2022 period.
