AFC Sales Revenues Decrease 18.8% YoY

AFC Sales Revenues Decrease 18.8% YoY

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.

Sarah Samir 3471 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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