Cairo – Mubasher: Abu Qir Fertilizers achieved net profits of EGP 1.289 billion in the first quarter (Q1) of fiscal year (FY) 2021/2022, an increase of 88% year-on-year (YoY) from EGP 686.5 million, the unaudited financial results showed. 

The revenues soared to EGP 2.655 billion in the July-September period of 2021, compared to EGP 1.748 billion in the corresponding period a year earlier, the company said in a bourse disclosure on Sunday.

The profit surge was ascribed to higher volumes of production and sales as well as improved export rates thanks to the entry of new markets and the resilient marketing and sales policy adopted by the company. 

In FY20/21, Abu Qir Fertilizers posted net profits of EGP 3.51 billion, up by 30.47% from EGP 2.69 billion a year earlier.