Abu Qir Fertilizers (ABUK) has just unveiled its earnings report for the 9-month period ending in the 23/24 fiscal year, revealing a net profit of EGP 12.14 billion. This marks a slight downturn from the EGP 12.54 billion recorded during the same period last year, reflecting a 3.2% year-on-year decline.
In their release, ABUK attributed the decrease in net profit to a combination of factors. Firstly, a reduction in sales value was noted, primarily driven by a decline in average export prices. Additionally, the company cited an increase in the cost of operating supplies, stemming from fluctuations and rises in the exchange rate of the Egyptian Pound (EGP) against the US Dollar (USD).
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