Abu Qir Fertilizers Company’s (AFC) Board of Directors has approved the financial statements for the financial period that has ended on March 31st, 2024.
The company’ revealed in a document submitted to the Egyptian Stock Exchange (EGX) that its sales revenue declined by 18.8% year on year (YoY), reaching EGP 14.04 billion, compared to EGP 17.30 billion in the same period a year earlier.
AFC’s net profit, after taxes, also decreased by 3.2%, recording EGP 12.14 billion, compared to EGP 12.45 billion during the previous year.
The decline in AFC’s sales value was caused by the increase in the cost of supplies as a result of price hike and changes in exchange rates; as well as the decrease in average export prices.
