The net income of the Alexandria-based Abu Qir Fertilizers and Chemical Industries company rose 6.3 percent during the financial year 2002, which ended June 31, 2002. Net profits totaled 337.3 million Egyptian Pounds ($72.6 million) during the 12-month period, from the EP317.2 million earned in FY01.
The bottom line increase was mainly attributed to heightened export activities, which led to foreign exchange (FX) gains. Those reached EP33.3 million, registering a 24.7 percent rise over the previous FY. Support was also lent by the devaluation of the Egyptian Pounds to the US dollar over the year. Abu Qir’s revenues dropped 0.6 percent to EP932.6 million during FY02, while interest expense increased 4.7 percent, reaching EP20.7 million.
Abu Qir Fertilizers was established in 1976 as a joint stock company. It is a nitrogen fertilizer producer with a domestic market share of about 60 percent. The company manufactures urea, ammonium nitrate, anhydrous liquid ammonia and bagging. Its total asset amount to EP3.1 billion and employs 3,000 workers.
The company started production in 1979. Its first plant produces approximately 1,000 tons per day (tpd) ammonia and 1,500 tpd urea. The second plant produces ammonia (1000 tpd), nitric acid and ammonium nitrate (1800 tpd). The third plant, currently under construction, is to produce ammonia and urea. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
