Abu Qir Fertilisers achieves EGP 8.3bn revenues in FY 2017/18

Mohamed Samir
2 Min Read

Abu Qir Fertilisers (ABUK) achieved revenues worth EGP 8.3bn in fiscal year (FY) 2017/18, while the company’s total market capitalisation reached EGP 40bn compared to EGP 8.5bn in March 2017, according to a press statement issued by the Ministry of Petroleum on Sunday.

ABUK ’s general assembly approved on Saturday, the distribution of EGP 1.1 cash coupon per shareholder.

The Minister of Petroleum Tarek El-Molla said that the increase in the market cap of the company on the Egyptian Stock Exchange (EGX) reflects the extent of its performance and its promising investment opportunities, which supports the flow of capital and provides some of the financings of new projects implemented by the company.

In August, El-Molla announced that 30% of ABUK shares will be offered on the EGX, which represent 12.7% of the Industrial Development Authority’s ownership, 8.1% of Al Ahly Capital Holding, 2.7% of the Egyptian Chemical Industries Company (KIMA), 1.5% of Chemical Industries Holding Company, and 5% of National Investment Bank.

According to the press statement, El-Molla emphasised the importance of the shareholder support to the company, which was very influential in giving the company the confidence to improve the quality and add new activities.

Moreover, Saad Abu El-Maaty, chairperson of ABUK said that the company the company succeeded in exporting fertilizers worth $259m.

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Mohamed Samir Khedr is an economic and political journalist, analyst, and editor specializing in geopolitical conflicts in the Middle East, Africa, and the Eastern Mediterranean. For the past decade, he has covered Egypt's and the MENA region's financial, business, and geopolitical updates. Currently, he is the Executive Editor of the Daily News Egypt, where he leads a team of journalists in producing high-quality, in-depth reporting and analysis on the region's most pressing issues. His work has been featured in leading international publications. Samir is a highly respected expert on the Middle East and Africa, and his insights are regularly sought by policymakers, academics, and business leaders. He is a passionate advocate for independent journalism and a strong believer in the power of storytelling to inform and inspire. Twitter: https://twitter.com/Moh_S_Khedr LinkedIn: https://www.linkedin.com/in/mohamed-samir-khedr/
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