Abu Qir Fertilizers, led by Abed Ezz El Regal, reports 2023-24 profit and revenue decline

Oluwatosin Racheal Alabi -

Key Points:

  • Abu Qir Fertilizers recorded a 4.32-percent drop in net profits, totaling EGP 9.16 billion ($5.725 million) for FY 2023-2024.
  • Revenues decreased by 14.06 percent, amounting to EGP 18.52 billion ($11.575 million), due to lower export prices and reduced sales volumes.
  • The earnings per share also fell by 4.18 percent, reflecting ongoing financial challenges faced by the company.

Abu Qir Fertilizers, under the leadership of the Egyptian executive Abed Ezz El Regal, has reported a downturn in profits and revenues for the fiscal year 2023-2024.

The company, listed on the Egyptian Stock Exchange (EGX), logged a net profit after tax of EGP 9.16 billion ($5.725 million), marking a 4.32-percent decrease from EGP 9.56 billion ($5.975 million) the previous year.

Revenue challenges

During the same period, revenues fell by 14.06 percent to EGP 18.52 billion ($11.575 million) from EGP 21.55 billion ($13.472 million) in FY 2022-2023. The main factors were a drop in average export prices and reduced sales volumes, driven by a reduction in production.

Impact on earnings per share

The basic earnings per share (EPS) also saw a decrease. It dropped by 4.18 percent to EGP 9.16 ($0.005725) in FY 2023-2024 from EGP 9.56 ($0.005975) previously, reflecting the company’s ongoing financial challenges.

The board members approved these financial results on July 31, 2024.

Additionally, in the first nine months of FY 2023/2024, the company recorded a 3.16-percent decrease in net profits after tax to EGP 12.14 billion ($7.588 million) compared to EGP 12.53 billion ($7.832 million), continuing a trend of financial difficulties throughout the year.