Abu Qir Fertilizers and Chemicals Company on Sunday posted a 61% year-on-year surge in profits for the first quarter of fiscal year (FY) 2018/2019.
Net profits amounted to EGP 752.8 million in the three-month period ended September, compared to EGP 467.11 million in the same quarter a year earlier, according to a filing to the Egyptian Exchange (EGX).
Revenues jumped 54% year-on-year to EGP 2.15 billion from July to September 2018.
The company attributed the third-quarter profit increase to the reformation of factories, following a flexible marketing strategy and managing the company’s portfolio in a more professional way.
For FY 17/18, Abu Qir Fertilizers’ profits rose to EGP 2.4 billion, from EGP 2.2 billion in FY 16/17.
By the end of Thursday’s session, Abu Qir Fertilizers’ stock rose 0.40% at EGP 27.40.