Chairman of the Misr Phosphate, Mohamed Abdel Azim, said that net sales from the company’s areas in Abu Tartour, the Red Sea, and El-Sebaeya mines reached EGP 7.9 billion in 2024, an increase of 149% over the previous year. Profits after tax amounted to EGP 3.3 billion in 2024, a 194% increase over the previous year.
This came during the company’s general assembly meeting to approve the results of its performance for the fiscal year (FY) 2024, in the presence of Minister of Petroleum and Mineral Resources, Karim Badawi.
Abdel Azim noted that the company is carrying out numerous production and marketing operations to achieve its main targets. It is implementing a strategy that aims to maximize production and sales while rationalizing expenses. The strategy relies on balancing production and sales.
Over the past years, Misr Phosphate has become the leading exporter of phosphate ore, accounting for 50% of total Egyptian phosphate ore exports, according to 2024 statistics.
The company also aims to undertake several value-added projects through its 24% contribution to the establishment of a phosphoric acid production plant in Abu Tartour, the New Valley, with investments amounting to $640 million.
Additionally, the company is cooperating with the Indian company Indorama to establish a joint venture for a phosphate fertilizer plant in Ain Sokhna area, with investments up to $500 million.
Commenting on the results, Badawi said that the petroleum and mining sectors attach utmost importance to value-added projects and capitalizing on Egypt’s oil and mineral wealth. By expanding local manufacturing projects and developing world-class products, companies can export to foreign markets and bring hard currency into Egypt.
