Saad Abu Al Maati, the Chairman of Abu Qir Fertilizers and Chemical Industries Company, announced that the production of the company exceeded all expectations during fiscal year (FY) 2019/2020, producing solid fertilizers by an increase of 24% from the planned productivity, according to a press release.
According to Abu Al Maati, the company’s revenues recorded EGP 9 billion during FY 2019/20 compared to EGP 9.9 billion during the previous year; a 9% decrease from FY 2018/2019, but a 27% increase from what was expected.
The chairman added that the company’s earnings before taxes reached EGP 3.4 billion, a 69% above expectation but a 17% decrease compared to FY 2018/19. While it achieved gross profits worth EGP 2.7 billion increasing by 68% from the planned, the company recorded a decline of 15% from the previous year.
He mentioned that Abu Qir pumped 16 million sacks of fertilizers to the Agriculture Ministry estimated at EGP 814 million in addition to exporting an amount of fertilizers which saved $266 million.
The chairman noted that Abu Qir’s plants’ programs were replaced and updated through a general electronic system and an Enterprise Resource Planning (ERP) program.
Abu Al Maati mentioned the company’s new projects include the implementation steps for raising the capacity of the urea plant from 1,925 to 2,370 tons per day, which is equivalent to 154,000 tons per year fully funded by the bank.
Furthermore, the company is executing a methanol and ammonia project with capacity 1 million tons per year of methanol and 400,000 tons of ammonia in the economic zone at Ain Al Sokhna with $1.6 billion of investments as a joint project between Abu Qir Fertilizers, Helwan Fertilizers, Al Ahly Capital Holding in addition to other contributors.
Also, the company is operating the project of zero liquid discharge, the biggest project of its kind in the Mediterranean, as well as starting to lower carbon dioxide emissions.
Abu Al Maati made these remarks during the general assembly meeting of the company headed by the Minister of Petroleum and Mineral Resources, Tarek El Molla to approve the annual results of the company for FY 2019/20.
For his part, El Molla hailed the performance of the company as one of the most distinct national companies, urging it to continue to exert more efforts for production and promote its products locally and regionally in addition to focus on replacing and updating its factories’ projects.