State-run Abu Qir Fertilizers has revealed that the company's shareholders; 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 selling up to 10% stake. The company informed the Egyptian Exchange on Wednesday that a promotion contract was signed with CI Capital, EFG Hermes, and Al Ahly Pharos to promote and cover the subscription. It pointed out that the contract comes in the framework of the government IPO programme. Sources told Daily News Egypt that the offering will be implemented by the end of this month or at the beginning of 2022, and that the offering is currently being promoted and is expected to be covered at high rates. The sources said that Abu Qir Fertilizers achieved a net profit of EGP 1.289bn in the first quarter (1Q) of fiscal year (FY) 2021/22, compared to EGP 686.5m during the comparable period of FY 2020/21. The company's revenues increased to EGP 2.655bn in 1Q 2021/22, compared to EGP 1.748bn during the comparable quarter of the last fiscal year. The company attributed the increase in net profit after tax to several reasons, represented by the increase in production and sales quantities, the continuity of operating factories, 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 while opening 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.
