Abu Qir Fertilizers and Chemicals Company (AFC)’s board of directors decided to enlarge the company’s business through implementing new projects in Suez Canal development corridor, especially after the depletion of the company’s lands portfolio in Alexandria, reported Al Mal News.
AFC’s Chairman, Saad Abul Maaty, stated that the firm will perform a vital role in the government’s plan for reclaiming, adding that Abu Qir’s presence in Suez Canal area would guarantee expansion nationwide.
Abul Maaty pointed out that the Cabinet has approved to export 45% of AFC output after it was allocated for the agricultural bank previously, adding the company will be able to export directly from Suez Canal area.
He explained that the company’s production is being exported to 16 countries in Europe, Latin America and USA.
The state-owned fertilizer manufacturer has reached a breakthrough in profit during the past 9 months with the company bringing in EGP 1.77b compared to EGP 775m. The company seizes 70% of fertilizers market in Egypt and supplies most of output to the government.