Abu Qir Fertilizers’ net income drops 35.5% y-o-y in 9M FY 2024-25

Abu Qir Fertilizers saw its net income dip 35.5% y-o-y to EGP 7.8 bn in the first nine months of the fiscal year 2024-2025, according to the EGX-listed company’s latest financials (pdf). The company attributed the decline in net income to lower FX gains following the EGP float in March of last year, as well as a decline in investment income distribution from Alexandria Fertilizers Company and Helwan Fertilizers Company compared to the same period in the last fiscal year.

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The company’s revenues for the period increased 20.3% y-o-y to reach EGP 16.9 bn, while operating profits rose by EGP 752.2 mn and income tax decreased by EGP 1.1 bn compared to the same period last year.

ALSO- Abu Qir Fertilizers’ board approved launching Khaleej AbuQir for Agri-Nutrient as a private freezone company with USD 100 mn in authorized capital and USD 5 mn in paid-in capital. The board also approved merging North AbuQir for Agri-Nutrient with it. The board also greenlit the liquidation of Global Company for Methanol and its Derivatives and to buy back shares from shareholders.