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CAIRO: Mubadala Fertilizers (MEPCO), Egypt 's independent financial statements, have announced a 35.4% drop in profits from one year to the next.
The company reported a net profit of 406 million pounds from early January to late June, compared to 629.02 million pounds in the same period last year.
The company 's sales in the first six months of this year increased slightly to 1.27 billion pounds, compared with 1.21 billion pounds for the same period last year.
The company attributed the decrease in pre-tax profits to the foreign exchange loss on foreign currency balances, which amounted to £ 302 million for the period.
It should be noted that Egypt for fertilizer production realized a net profit in the first year of this year amounting to 435.21 million pounds, against a profit of 262.88 million pounds for the same period last year.
Cost of sales in the first quarter of 2019 increased by 19% to 2.388 billion Egyptian pounds compared to 1.981 billion Egyptian pounds for the same period of 2018.
appointments:
Sales up 66% in the first quarter
Mobco submits documents to the Exchange with changes to headquarters and the legal office
Appointment of a new petrochemical company representative as a member of Mobco's board of directors
Hisham Nour El Din is appointed chairman of the board of directors of Egypt Fertilizers
Sales up 66% in the first quarter
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