Arab Finance: The International Company for Agriculture Crops (IFAP) posted a 178.47% year-on-year (YoY) increase in consolidated net profits attributable to the parent company in the elapsed fiscal year (FY) 2022/2023, according to the firm’s financial statements sent to the Egyptian Exchange (EGX) on September 5^th.

The company achieved a consolidated net profit attributable to the parent company of EGP 440.603 million in the previous FY ended June 30^th, 2023, from EGP 158.223 million in FY 2021/2022.

Net sales amounted to EGP 2.343 billion in FY 2022/2023, compared to EGP 542.987 million a FY earlier.

Meanwhile, the company earned EGP 248.328 million in standalone net profits after tax in FY 2022/2023, surging by 1,321.74% from EGP 19.998 million in the same period a year earlier.

Established in 1995, International for Agricultural Crops is a company engaged in farming, trading and distribution of crops and seeds.