Abu Qir Fertilizer and Chemical Company recorded revenues of EGP 8.3 billion, company head Saad Abu El Maaty has revealed.

Abu El Maaty attributed the revenue growth to the company exceeding its production and sales targets. It produced 3,950 tons of ammonia and 3,675 tons of urea per day during the year.

The company exported $259-million worth of fertilizer and produced around 17.22 million packs during the year, Abu El Maaty stated.

The market has reacted positively to Abu Qir’s improving financial position, with the company’s market value jumping from EGP 8.5 billion in March 2017 to EGP 40 billion on the Egyptian Exchange.

Abu El Maaty revealed the figures during a meeting with Minister of Petroleum Tarek El Molla to follow up on the firm’s work.