Egypt’s Phosphate Misr posts 194% surge in annual post-tax profit

Egypt’s state-owned Phosphate Misr reported a 194 per cent jump in net profit after tax for fiscal year 2024, reaching 3.3 billion Egyptian pounds, according to a Petroleum Ministry statement that citing figures disclosed at the company’s general assembly.

The growth is driven by booming phosphate sales from its key production zones.

The company’s total sales surged 149 per cent year-on-year to 7.9 billion pounds, supported by robust output from its mining operations in Abu Tartour, the Red Sea, and Sebaiya.

Minister of Petroleum and Mineral Resources Karim Badawy, who chaired the meeting, said the government was committed to unlocking more value from Egypt’s mineral resources and boosting the mining sector’s contribution to GDP to 5–6 per cent. “We aim to transform Egypt into a regional hub for mining industries, capitalizing on our infrastructure and strategic location,” he said.

Minister Badawy also called for a national inventory of phosphate reserves and urged Phosphate Misr to develop a five-year action plan with fixed timelines for project execution. He announced a planned visit to the Abu Tartour site to follow up on operations.

Phosphate Misr Chairman Mohamed Abdel Azim said the company now controls around 50 per cent of Egypt’s phosphate ore exports, based on 2024 data, and continues to meet domestic market demand with a variety of ore grades. He said production and sales strategies are aligned to optimise growth while managing costs.

To maintain momentum, Abdel Azim said the company is accelerating exploration in new areas and drilling to expand its geological and mineable reserves. “We’re focused on increasing production and maintaining leadership in phosphate exports,” he said.

As part of its value-added strategy, Phosphate Misr announced plans to invest in two major downstream projects. These include a 24 per cent stake in a $640 million phosphoric acid plant in Abu Tartour and a $500 million joint venture with India’s Indorama to build a phosphate fertiliser factory in Ain Sokhna.

The company is also pursuing institutional reforms in collaboration with the Ministry of Petroleum and the Egyptian Mineral Resources Authority, with a focus on upgrading exploration methods, improving operational efficiency, and enhancing workforce development. It is expanding its social responsibility programmes to support local communities near production sites.

Phosphate Misr, one of Egypt’s largest phosphate producers, holds multiple mining licences across key regions and manages several mines on behalf of the Egyptian Mineral Resources Authority.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser