Abu Kir Climbs to Highest Since 2009 in Cairo as Profit Rises

Abou Kir Fertilizers & Chemical Industries Co. climbed to the highest level in almost two years after annual profit at Egypt’s biggest publicly traded producer of fertilizers rose 15 percent.

The shares of the Alexandria, Egypt-based company advanced 1.4 percent to 242.5 Egyptian pounds at the 1:30 p.m. close in Cairo, the highest level since November 2009. That gave the company a market value of 12.2 billion pounds ($2 billion). The benchmark EGX 30 Index (EGX30) gained 0.4 percent.

Net income for the fiscal year that ended June 30 was 1.35 billion pounds compared with 1.17 billion pounds a year-earlier, the company said today.

To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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