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Abu Qir Fertilisers and Chemical Industries (ABUK) earnings have dropped by 13 percent YoY , recording 1.44 billion Egyptian pounds, while revenues have decreased by 3.4 percent to 4 billion pounds, according to the company’s preliminary financial results.
The gross profit margin stood at 37.5 percent in the first half of 2019/20.
ABUK clarified that the decrease in revenues stemmed from a 12 percent fall in domestic sales prices in addition to low average export prices, coupled with a stronger EGP.
Also, earnings shrank on the back of the non-recurring FX gains worth 223 million Egyptian pounds recorded in the comparable period last year, the company said.
source: Ahram online
