Cairo – Mubasher: Egyptian Financial and Industrial (EFIC) has completed the feasibility study of the potassium sulfate production line project with EGP 300 million in investments.
EFIC aims to buy five production units for the project at a cost of EGP 60 million each in 2018 and 2019, the company said in a filing to the Egyptian Exchange (EGX) on Monday.
The agricultural chemicals producer also plans to buy and install the first two units of the project at a value of EGP 120 million in the third quarter of 2018, according to the filing.
Studies showed that the project will generate revenues equal to overall investment value within four years and will create around 200 jobs, the company indicated.
EFIC also posted a 79% year-on-year decline in profits for the first quarter of 2018, recording EGP 11.5 million from EGP 54.1 million.
Sales narrowed to EGP 265.8 million in Q1-18 from EGP 298.4 million in the prior-year period.
