ABOU KIR FERTILIZERS
ABUK
Financial ResultsNegative News
Abu Qir Fertilizers Reports EGP 4.01B H1 Profit Amid 43% Annual Decline
Abu Qir Fertilizers' H1 profits drop 43% as export prices and currency impacts weigh on financials.
February 4, 2024 at 10:55:00 AMScore: 85
Abu Qir Fertilizers, a key player in Egypt's agricultural sector, recorded a net profit of EGP 4.01 billion after taxes for the first half of fiscal year 2023/24. This marks a significant 43% year-on-year decline from EGP 7.05 billion in the same period last year. Revenues also fell by 23.30%, dropping to EGP 8.62 billion from EGP 11.23 billion, as global export prices softened and operational costs surged. The company cited unfavorable currency exchange dynamics, with the Egyptian pound strengthening against the US dollar, further squeezing margins. Quarterly results for Q1 2023/24 mirrored this trend, showing a 27.37% profit dip to EGP 2.01 billion compared to EGP 2.77 billion in Q1 2022/23.
Recommended Actions
- Consider holding position pending market recovery signals
- Monitor USD/EGP exchange rate trends
- Review operational cost management strategies
- Compare with sector peers' performance
- Watch for potential dividend adjustments
Positive Aspects
- Transparent disclosure of financial challenges
- Resilient EGP 4B+ profit baseline
Negative Aspects
- 43% annual profit decline
- 23.30% revenue contraction
- Rising operational costs
- Exchange rate volatility
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