The Board of Directors of Abu Qir Fertilizers Company (AFC) has approved the financial statements for the period ending on March 31st, 2024.

According to documents submitted to the Egyptian Stock Exchange (EGX), the company reported a year-on-year decline in sales revenue of 18.8%, amounting to EGP 14.04 billion compared to EGP 17.30 billion in the same period the previous year.

AFC's net profit, after taxes, also decreased by 3.2% to EGP 12.14 billion, down from EGP 12.45 billion in the previous year.

The decrease in AFC's sales value was attributed to increased supply costs due to price hikes and changes in exchange rates, as well as a decrease in average export prices.