Egypt-based Al Alamia for Rockwool (ROCKAL) targets raising its investments in the Egyptian market to 450 million pounds (US$24.7 million) until 2020, Chairperson Kamal Eldesouky stated Monday.
Eldesouky told Amwal Al Ghad that Rockal’s current investments in local market are estimated at around 150 million pounds.
He added that the new investment strategy comes among Rockal’s keenness on expanding and providing more job opportunities.
Rockal plans to pump investments of 25 million pounds within 2017 to raise the capacity from 15,000 tonnes annually to 20,000 tonnes per year.
Since it was founded in 2005, Rockal started exporting to Latin America, Turkey, USA, and Arab states.
In 2015, Al Alamia for Rockwool achieved sales estimated at 75 million pounds, the official noted, adding that the company targets attaining sales volume ranging between 400-500 million pounds by 2020.
The growth rate of Rockal company reached 14 percent in 2016 and planned to hit 15 percent in 2017 and 20 percent by 2020, chairman Eldesouky pointed out, adding that the company seizes 50 percent of the Egyptian market.
The official announced that Rockal aims at raising its market share to around 60-70 percent by 2020 since it targets entering other sectors notably agriculture.