Cairo – Mubasher: The board of Abu Qir Fertilizers has approved to start conducting the required studies for boosting the efficiency of the mixed fertilisers’ unit at an estimated cost of EUR 80 million.
The board has agreed to assign Ahmed Al Yamani Abdul Dayem as a representative for the workers and employee shareholders union, the company said in a filing to the Egyptian Exchange (EGX) on Monday.
The board has also approved the budget scheme for fiscal year 2018/2019, with targeted profits of EGP 1.8 billion.
The fertilisers producer aims to achieve revenues of around EGP 6.79 billion and sales of EGP 6.2 billion in FY18/19.
The financial indicators of Abu Qir showed a 10% year-on-year surge in profits for the nine months ended March 2018 with EGP 1.95 billion in profits during the first nine-month period of fiscal year 2017/2018, compared to EGP 1.77 billion in the same period of FY16/17
It is worth noting that Abu Qir plans to invest EGP 3.1 billion in plants’ units during FY17/18.
