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Tuesday, 24 August 2021

Abu Qir net income up 30% in 2020-2021

Abu Qir Fertilizers’ net income rose 30% during FY2020-2021, clocking in at EGP 3.5 bn compared to EGP 2.7 bn the previous year, according to the company’s earnings release (pdf). The company attributed its performance to higher international prices and lower operational costs during the second half of the year. The company’s revenue rose 12% to EGP 8.8 bn from EGP 7.9 bn in FY 2019-2020. On a quarterly basis, the company’s net income almost doubled to EGP 1.1 bn in 4Q, while revenues were up 22% to EGP 2.5 bn.

MARKET WATCH-

The EGX30 rose 0.6% at today’s close on turnover of EGP 2.57 bn (45.5% above the 90-day average). Regional investors were net buyers. The index is up 1% YTD.

In the green: Egyptian Resorts Company (+10.0%), Ibnsina Pharma (+5.1%) and Pioneers Holding (+4.1%).

In the red: Orascom Development Egypt (-2.0%), AMOC (-1.7%) and Medinet Nasr Housing (-1.7%).

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