Abu Qir Fertilizers signs contract to promote 10% of its shares within gov't offering program

CAIRO - 8 December 2021: Abu Qir Fertilizers and Chemical Industries Company said that the shareholders of the National Investment Bank, the Industrial Development Authority, Al Ahly Capital and the Chemical Industries Holding Company signed a promotion and marketing contract with the aim of implementing a transfer of ownership of up to 10 percent of the company's shares.

The company explained in a statement to the Egyptian Stock Exchange, Wednesday, that a promotion contract was signed with CI Capital to promote and cover initial public offerings (IPOs), EFG Hermes to promote and cover the subscription, and Al Ahly Pharos to promote and cover the subscription in securities.

It pointed out that the promotion contract comes in light of the government's program to offer the shares of some state-owned companies in the local and international stock market.

Abu Qir Fertilizers and Chemical Industries achieved a net profit of LE 1.289 billion from July to September 2021, compared to LE 686.5 million during the comparable period of prior year.

The company's revenues rose during the first quarter of the current fiscal year to reach LE 2.655 billion, compared to LE 1.748 billion during the comparable quarter of the last fiscal year.

The company attributed the increase in net profit after tax to several reasons, including the increase in production and sales quantities, the continuity of factories' operation, as well as the improvement in export prices during the period.

It referred to the good marketing of the company's products and obtaining the best prices with the opening of new markets, as well as the flexible sales and marketing policy in the economic way that the company pursues to achieve the best results and to manage the financial portfolio well.