Abu Qir Fertilizers, under the leadership of the Egyptian executive Abed Ezz El Regal, has reported a downturn in profits and revenues for the fiscal year 2023-2024.
The company, listed on the Egyptian Stock Exchange (EGX), logged a net profit after tax of EGP 9.16 billion ($5.725 million), marking a 4.32-percent decrease from EGP 9.56 billion ($5.975 million) the previous year.
Revenue challengesDuring the same period, revenues fell by 14.06 percent to EGP 18.52 billion ($11.575 million) from EGP 21.55 billion ($13.472 million) in FY 2022-2023. The main factors were a drop in average export prices and reduced sales volumes, driven by a reduction in production.
Impact on earnings per shareThe basic earnings per share (EPS) also saw a decrease. It dropped by 4.18 percent to EGP 9.16 ($0.005725) in FY 2023-2024 from EGP 9.56 ($0.005975) previously, reflecting the company's ongoing financial challenges.
