Cairo – Mubasher: Misr Fertilizers Production Co (Mopco) on Tuesday reported a 308% year-on-year hike in consolidated profits for the first nine months of 2018.

Net profit amounted to EGP 988.16 million during the period starting January to September, versus EGP 241.8 million in the year-ago period, the company said in a filing to the Egyptian Exchange (EGX).

Sales narrowed down to EGP 5.9 billion in the nine-month period ended September from EGP 5.3 billion in the prior-year period.

Mopco also posted an EGP 937.63 million in standalone profits for the nine-month period, versus a profit of EGP 646.89 million in the same period of 2017.

Mopco previously announced it recorded a net profit of EGP 629.02 million for the first half of 2018, compared to EGP 753.49 million in H1-17.

Revenues shrank to EGP 560.06 million in the six-month period ended last June from EGP 1.21 billion in H1-17.