The Board of Directors of Abu Qir Fertilisers and Chemical Industries agreed to study the establishment of a project to produce hydrogen and green ammonia in coordination and cooperation with French company Total.
The company’s profits doubled during the first half (1H) of the current fiscal year (FY), reaching EGP 3.2bn compared to a net profit of EGP 1.5bn during the same period of the previous FY.
Its revenues also increased during the first six months of the current FY to record EGP 6.2bn, up from EGP 4bn.
Furthermore, the company’s net profit before tax amounted to EGP 4.1bn, up from 1H of FY2020/21’s EGP 1.7bn.
The company added that the doubling of profits came with the company’s full commitment to implement what was stated in the Cabinet’s decision to hand over to the agricultural societies of the Ministry of Agriculture and Land Reclamation 55% of the company’s entire production at prices determined by the state.
Additionally, 10% of the company’s production was sold to the local market at free prices, and the rest was for export.
The company also attributed the doubling of the net profits to the continuity of operating the factories at their full production capacity, with the improvement of export prices during 1H of the current FY as well as reducing operating cost and pressure expenses with good marketing of its products and obtaining the best prices, along with opening new markets.
Moreover, the company adopted a flexible sales and marketing policy that it is pursuing to achieve the best results while managing the financial portfolio.