The Clap
Abu Qir Fertilizers (ABUK) announced a YoY increase of 184.4% in net income for the first 9 months of FY-2022.
The deets
The company’s bottom line rose by EGP 6.96 billion, jumping from EGP 2.44 billion during the same period in 2021.
The company’s revenue also increased by 91% YoY to EGP 12.04 billion during the nine months, compared to revenues of EGP 6.30 billion in the same period last year.
Profit drivers
The company attributed the big jump in net income to factories operating in full production, in addition to exporting with higher prices & the decrease in operating costs & expenses.
In related news
Abu Qir announced the appointment of Alpha Orex’s new representatives to the board of directors while accepting the resignation of the National Investment Bank’s representatives.
