Abu Qir Fertilisers profit drops by 4% in FY ’23/’24

Abu Qir Fertilisers and Chemicals Industries Company posted a net profit of 13.48 billion Egyptian pound for 2023/2024, down 4 per cent from the previous year’s 14.02 billion Egyptian pound. However, revenues grew significantly to 28.87 billion Egyptian pound, up 57 per cent from planned figures and 1 per cent higher than last year’s 28.59 billion Egyptian pound.

The company, one of Egypt’s largest nitrogenous fertiliser producers, exceeded its solid fertiliser production target by 9 per cent and sales plan by 5 per cent. Safety remained a priority, with 8.85 million injury-free hours logged, while a major overhaul of the Abou Kir 1 plant was completed.

Environmental initiatives focused on reducing carbon emissions in line with European regulations, including the Carbon Border Adjustment Mechanism (CBAM).

According to the cabinet statement, the company paid 3.6 billion Egyptian pound in taxes. However, it supplied 17.49 million fertiliser bags to Egypt’s Ministry of Agriculture and exported to over 31 countries, boosting foreign currency reserves. As of September 26, 2024, the company’s market value stood at 77.67 billion Egyptian pound, ranking second in the EGX’s basic materials sector.

Despite the slight profit drop, Abu Qir received industry recognition, ranking among EGX’s top companies in 2023 and ninth on Forbes’ 2024 list of top 50 Egyptian companies.

Looking ahead, the company plans further investments in its Abu Qir 3 plant and additional emission reductions. A dividend of 7.5 Egyptian pound per share, payable in three installments, was approved during the general assembly meeting attended by key shareholders and officials.

Attribution: Egyptian Cabinet

Subediting: M. S. Salama