MOPCO Q1 net profit marks LE 394B

CAIRO - 30 May 2017: Misr Fertilizers Production Company’s (MOPCO) posted a net profit of LE 393.7 billion ($21 billion) in Q1 2017, MOPCO told the Egyptian Exchange in a statement Tuesday.

Quarterly revenues of MOPCP registered LE 2.22 billion.

MOPCO was listed on the bourse in September 2016 as part of a wider strategy by the government to list a number of state-owned petroleum, electricity and banks.
In 2016, MOPCO achieved a net profit of LE 709.9 billion, compared to LE 309.5 billion in 2015, with 129.5 percent growth.

Total revenues of the refinery company registered LE 2.4 billion in 2016, up from LE 617.3 billion in 2015, with 288 percent increase.

In a previous company statement, MOPCO said that the difference in exchange rates before and after the pound flotation has resulted in LE 1.84 in profits for the company.