Cairo – Mubasher: The Ordinary General Assembly of Abu Qir Fertilizers and Chemical Industries Company approved the Board of Directors’ report and financial statements for the last fiscal year ending in June 2023.
The company said in a statement to the Egyptian Stock Exchange on Sunday that the general assembly agreed to distribute a cash coupon of 7 pounds, which will be distributed in 3 installments.
She explained that 2 pounds per share will be distributed in the first batch on October 26th, the second batch on December 28th at 3 pounds per share, and the third batch as an exceptional distribution of 2 pounds per share on January 21st.
The General Assembly also approved the restructuring of the Board of Directors for a new term of 3 years, starting from the date of the General Assembly, headed by Abed Ezz Al-Rahhal Al-Malahi.
At the extraordinary general meeting level, it agreed to amend Articles 8 – 16 – 21 – 29 of the company’s bylaws.
It is noteworthy that Abu Qir Fertilizers and Chemical Industries achieved a net profit of 14.64 billion pounds during the fiscal year from July 2022 until the end of June 2023, compared to 9.05 billion pounds in profit during the previous year.
The company’s revenues increased during the last fiscal year to 21.55 billion pounds, compared to 16.33 billion pounds during the year 2021-2022.
The company attributed the increase in its annual profits to the continued operation of factories at full production capacity, and the improvement in average prices of exports, free sales, and agricultural associations during the year.
The reasons also included good marketing of the company’s products, obtaining the best prices with the opening of new markets, flexible sales and marketing policy in an economic manner, liberalizing the exchange rate of the dollar against the pound, and managing the financial portfolio well.
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