The Clap:
Abu Qir Fertilizers saw its net income and revenues drop in the first nine months of the fiscal year.
Revenues:
The company saw its revenues dip 18% YoY during the nine months ending in March (9M FY 2023-2024) to EGP 14 billion. Abu Qir partly attributes the fall in its top line to a global drop in average fertilizer prices.
Gross profit:
The firm’s gross income is down 35.8% YoY to EGP 6.95 billion in 9M FY 2023-2024.
Operating profit:
The company’s earnings before interest and tax fell 43% YoY to EGP 5.6 billion.
Net profit:
Abu Qir’s net income decreased 3.2% YoY to EGP 12.1 billion during the period.
