The Clap
Abu Qir Fertilizers’ (ABUK) Q1-2023 net profits skyrocketed 115% year-over-year.
Deets
Net profits recorded EGP 2.7 billion, while revenues recorded EGP 4.7 billion, a 58% profit margin!
Profit drivers
The company attributed its profits to an improvement in export prices, better marketing of its products, & the EGP’s devaluation against the USD.
Why this matters
Abu Qir’s CEO said the company’s ability to maintain a high level of cash on hand also helped it in increasing its profits.
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