Minister of Petroleum attended Abu Qir Fertilizers General Assembly and Reviews Company Achievements
Engineer Karim Badawi, Minister of Petroleum and Mineral Resources, attended the General Assembly of Abu Qir Fertilizers & Chemicals at the company’s headquarters in Alexandria, highlighting the importance of increasing production, reducing carbon emissions, and implementing modern technologies.
The assembly, chaired by Engineer Abed El-Raggal, Chairman and Managing Director, was attended by shareholders, company board members, and representatives of major stakeholders. During the meeting, a cash dividend of EGP 7.5 per share was approved, to be distributed in three installments.
HE Minister Badawi praised the company’s professional institutional strategy, emphasizing its role in maximizing production capacity, integrating modern technologies, and enhancing profitability while maintaining an environmentally friendly and green production approach. He noted that Abu Qir Fertilizers is a cornerstone in meeting Egypt’s domestic fertilizer needs, supporting food security, and expanding export opportunities.
He commended the company’s efforts to reduce carbon emissions, highlighting the environmental and economic benefits, including attracting further investments, boosting exports, and complying with European green manufacturing standards (CBAM). He also emphasized energy efficiency initiatives and the importance of safe working conditions, noting that employees are the company’s true asset. He highlighted the positive impact of workforce diversity and the integration of women in operations.
Company Performance Highlights 2023/2024
Engineer Abed El-Raggal reviewed the company’s achievements during the fiscal year 2023/2024, marking the 45th anniversary of Abu Qir Fertilizers:
- Factories operated for approximately 85 million hours without incidents.
- Major overhaul of Abu Qir 1 (est. 1979), including ammonia storage, cooling towers, reactor systems, and DCS control upgrades.
- Fertilizer production exceeded plan by 9%, and sales exceeded plan by 5%.
- Total revenue reached EGP 28.87 billion, exceeding the plan by 57% and surpassing the previous year by 1%.
- Net profit after taxes totaled EGP 13.48 billion, up 126% versus the plan.
- Taxes paid amounted to EGP 3.6 billion, contributing a total of EGP 4.4 billion to the state including customs and solidarity contributions.
- Supplied 49 million bags of fertilizers to the Ministry of Agriculture and exported to over 31 countries, generating significant foreign exchange revenue.
- Market capitalization as of September 26, 2024, stood at EGP 77.67 billion, ranking second in the Egyptian stock market for the Basic Resources sector.
The company was also recognized as Best Performing Company on the Egyptian Exchange 2023 and ranked 9th among Egypt’s top 50 companies for 2024 by Forbes Middle East, reflecting its robust governance, transparency, and sustainable business model.
Sustainability and Green Transformation
Abu Qir Fertilizers is a pioneer in carbon emissions reduction, with 3 million carbon certificates and an annual voluntary reduction of over 1.4 million tons, targeting 3 million tons annually in the near future. Strategic projects include:
- Transforming North Abu Qir Fertilizers into a fully green plant using green hydrogen instead of natural gas for ammonia production.
- Water recycling initiatives using ZLD (Zero Liquid Discharge)
- Future production capacities: 1,200 tons/day of ammonia, 1,830 tons/day of nitric acid, and 2,400 tons/day of ammonium nitrate.
- Collaborative investment: Abu Qir Fertilizers (45%), Egyptian General Petroleum Corporation (45%), and Egyptian Petrochemicals Holding (10%).
Additionally, partial replacement of natural gas with hydrogen and expansion of Urea Abu Qir 3 plant capacity are under study.
Ministerial Factory Tour
Following the assembly, Minister Badawi toured the Abu Qir Fertilizers plants, including the control room at Abu Qir 1, accompanied by Engineer Abed El-Raggal and company leadership. He praised the company’s investment in digital systems, advanced technologies, and operational optimization, which ensure safe, sustainable, and efficient production. He engaged with the control room team to acknowledge their contributions to maintaining nearly 50 years of high-performance operations.
