NUDAP swings to profitability in 9 months
Updated 11/10/2022 12:26:00 PM
Arab Finance: North Upper Egypt for Development and Agricultural Production (NUDAP) switched to consolidated profitability during the first nine months of 2022, according to the financial statements filed to the Egyptian Exchange (EGX) on November 10th.
The company recorded a consolidated profit excluding minority interest of EGP 1.071 million in the nine months ended September 30th, compared to a net loss of EGP 7.753 million in the same period a year earlier.
Revenue skyrocketed to EGP 15.969 million in January-September from EGP 777,451 in the nine-month period of 2021.
Furthermore, NUDAP posted a standalone net profit after tax of EGP 1.085 million in the period from January 1st to September 30th, compared to a net loss of EGP 7.674 million in the same period last year.
NUDAP is an Egypt-based public shareholding company that operates in the agricultural sector. The company is primarily engaged in producing and trading agricultural chemicals such as fertilizers, insecticides, and pesticides.
