With the support of sales growth and currency differences, the Egyptian “Mobco” quarterly profits grow 19%

MOBCO was established in 1998, and it specializes in the production of fertilizers, ammonia and nitrogen. It is one of the largest exporters of urea in Egypt, producing regarding two million tons annually, and exports to Europe, Latin America, Asia and Africa.

Half-year earnings

At the level of the first six months of this year, the company’s profits jumped 71.6% on an annual basis to 3.734 billion pounds, supported by currency differences and financing income, while sales grew 108% to 8.712 billion pounds.

“Holding” Abu Dhabi acquires stakes worth 1.8 billion dollars in five Egyptian companies

The “Mobco” share on the Egyptian Stock Exchange closed at EGP 107, up 2.9% during Thursday’s trading.

Ibrahim El-Nimr, head of the technical analysis department at Naeem Financial, sees that the stock has resistance at levels of 110-114 pounds, and will succeed in breaching it up to the level of 118 pounds, to achieve its highest level in 4 months.