By:Egyptoil-gas

Misr Fertilizers Production Company (MOPCO) demonstrated strong performance in its fiscal year (FY) results of 2024, with revenues reaching EGP19.650 billion and net profits EGP15.120 billion–over a 153% increase compared to 2023.

MOPCO has also recorded a 7.2% increase in working capital, reaching EGP 12.360 billion. Total investment has increased by 6.5%, amounting to EGP 53.840 billion.

In addition, the company’s equity saw notable growth, reaching EGP 45.380 billion, a 4.9% rise from 2023 and an astounding 800% increase since 2015.

The results were announced during the company’s general assembly meeting, held in the presence of the Minister of Petroleum and Mineral Resources Karim Badawi, along with officials from the petroleum sector.

In the meeting, Badawi underscored the importance of the petrochemical industry for the petroleum sector, given its added value to natural resources. He pointed out that investors’ interest in petroleum projects is a true reflection of the attractiveness of its investment climate.

For his part, Ahmed Mahmoud, the Chairman and Managing Director of MOPCO, reviewed the company’s primary results in line with the pillars of the Ministry of Petroleum and Mineral Resources (MoPMR). He highlighted the company’s commitment to occupational safety and health standards, boosting production efficiency, and adopting sustainable practices to achieve Egypt’s vision in sustainable development goals.

The company recorded four million hours of work with no injuries during 2024, increasing total number of safe working hours to 19 million since 2018.

Mahmoud said that MOPCO was able to increase 10% of the production capacity of its MOPCO 3 plant, located in the Damietta Industrial Complex. Coming earlier than expected, the increase was the result of replacing the HPCC unit, leading to a $2 million boost in the company’s revenues.

In the area of urea and ammonia production, MOPCO has surpassed its targets, with sales amounting to 1,741,000 tons and 116,000 tons respectively. The company exported 947,000 tons of urea and allocated 795,000 tons to the local market. Notably, the European market is the largest destination for MOPCO’s urea exports, accounting for 89%. For ammonia, the company exported 48,000 tons and allocated 68,000 tons to the local market.

Mahmoud explained that MOPCO is currently implementing several projects, including a project focused on upgrading and developing its plants’ efficiency to increase production and rationalize natural gas consumption. The company has also started its production of ADBlue–a urea-based solution to reduce diesel engine emissions.

Moreover, MOPCO is developing a green ammonia production project in cooperation with the Egyptian Petrochemicals Holding Company (EGPC) and the Norwegian company Scatec, collaborating with Damietta Green Ammonia Company, and holding 25% of the shares. It has also signed a 15-year purchase agreement with the Norwegian company Yara Clean Ammonia.

MOPCO also holds 20% of the shares in the Egyptian Sustainable Aviation Fuel (ESAF) Company. Additionally, it is implementing a carbon dioxide recovery unit from the smokestack of plant 1–the first project of its kind in Africa and the Middle East to significantly reduce carbon emissions.

The company will be taking part in two projects in El Alamein: one of them to produce soda ash and its derivatives, and another to produce silicon products. It is also expected to produce technical-grade urea to help reduce nitrogen oxide emissions. In addition to that, it is installing solar panels that generate 4 megawatts by 2026, Mahmoud said.

In respect of social responsibility, MOPCO allocated EGP 39 million throughout the year to supporting numerous initiatives and projects across Egypt, particularly in Damietta, where it implemented a range of infrastructure development projects, and participated in initiatives supporting education, health, and civil society. MOPCO has also been awarded the ISO 26000 certification for social responsibility.

MOPCO places a strong emphasis on developing human capital, offering a total of 1,710 training opportunities annually across a wide range of fields, as highlighted by Mahmoud.

It is worth mentioning that the Company’s general assembly has approved the Board of Directors’ proposal to distribute cash dividends to shareholders at EGP 3.5 per share. The assembly also approved increasing the company’s capital from EGP 20 billion to EGP 28 billion through the issuance of bonus shares at a rate of EGP 0.379 for each outstanding share.