Abu Qir Fertilizers Company (AFC) achieved total revenues of EGP 28.87 billion during the fiscal year (FY) 2023/24, reflecting a slight increase from EGP 28.59 billion in the previous year. This marks a 57% growth over the planned target and a 1% rise compared to last year. The announcement was made during the company’s general assembly meeting, which was attended by Karim Badawi, Minister of Petroleum and Mineral Resources.

AFC reported a net profit of EGP 13.48 billion after taxes for FY 2023/24, compared to EGP 14.02 billion the previous year. This represents a 126% increase over the projected profit, though it shows a 4% decline compared to last year’s figures.

Minister Karim Badawi highlighted AFC’s strategic approach, commending the company’s management for their focus on maximizing production capacity, integrating modern technology, and promoting environmental sustainability. He emphasized the importance of increasing productivity while reducing carbon emissions, a vital part of AFC’s long-term success.

AFC Chairman, Abed Ezz El Regal, acknowledged the company’s 45th anniversary, celebrating the legacy of its factories in Egypt’s nitrogen fertilizer industry. He noted that the company remains committed to addressing challenges through carefully developed plans.

During FY 2023/24, AFC’s factories operated 8.85 million hours without injuries. A major overhaul was completed on its oldest factory, Abu Qir 1, which has been operational since 1979. Additionally, AFC exceeded its production plan for solid fertilizers by 9% and outperformed its marketing targets by 5%, showcasing strong operational and financial performance.