Net Profit Decline: Abu Qir Fertilizers saw a 3.16% year-on-year (YoY) dip in net profit after tax, landing at EGP 12.14 billion for the first nine months of FY23/24, down from EGP 12.53 billion.
Revenue Drop: Revenues fell sharply by 18.84% YoY to EGP 14.04 billion, compared to EGP 17.30 billion in the same period last year, per unaudited financial data.
EPS Down: Basic earnings per share (EPS) slipped 3.28% YoY to EGP 8.25 as of 31 March 2024, from EGP 8.53 previously.
First Half Performance: The company’s H1 FY23/24 net profit plummeted 43% YoY to EGP 4.01 billion, a steep drop from EGP 7.05 billion in H1 FY22/23.
ABOU KIR FERTILIZERS
ABUK
Financial ResultsNegative News
Profit Slump: Abu Qir Fertilizers Reports 3% YoY Net Profit Drop in 9M-23/24
Abu Qir Fertilizers posts declining profits and revenues in 9M-23/24, with net profit down 3.16% YoY and revenues falling 18.84%.
May 1, 2024 at 8:49:00 AMScore: 85
Recommended Actions
- Consider holding or reducing exposure to Abu Qir stock amid declining performance.
- Monitor upcoming earnings calls for management’s turnaround strategies.
- Review company debt levels and cost-control measures before investing.
- Compare performance with sector peers to gauge relative weakness.
- Consult a financial advisor to reassess portfolio allocations.
Negative Aspects
- 3.16% YoY net profit decline
- 18.84% revenue drop
- Lower EPS (-3.28%)
- 43% H1 profit collapse
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