Last Update 22:19
Tuesday, 25 February 2020

Abu Qir Fertilisers earnings drop by 13%, record EGP 1.44 mln

The gross profit margin stood at 37.5 percent in the first half of 2019/20

Doaa A.Moneim , Monday 27 Jan 2020
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Abu Qir Fertilisers and Chemical Industries (ABUK) earnings have dropped by 13 percent YoY , recording EGP 1.44 billion, while revenues have decreased by 3.4 percent to EGP 4 billion, according to the company’s preliminary financial results.

The gross profit margin stood at 37.5 percent in the first half of 2019/20.

ABUK clarified that the decrease in revenues stemmed from a 12 percent fall in domestic sales prices in addition to low average export prices, coupled with a stronger EGP.

Also, earnings shrank on the back of the non-recurring FX gains worth EGP 223 million recorded in the comparable period last year, the company said.

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