(MENAFN- Brazil-Arab News Agency (ANBA))
Cairo – The Egyptian financial and Industrial Company (EFIC ), from the fertilizer sector, intends to expand its exports to Latin American markets, especially Brazil. The company specializes in products such as fine and granular monophosphate fertilizers, pure concentrated sulfuric acid, diluted sulfuric acid for batteries, sodium phosphosilicate, and ferrous sulfate.
Gamal (left) met with Abbasi (right)
The Board chairman of the EFIC, Abdel-Azim Al-Abbasi (pictured above), said the company seeks to meet customers' needs in local and foreign markets.
Abbasi explained the company is working to continuously increase its production capacity to follow the Egyptian government's development plans. The country intends to increase the volume of cultivated agricultural land in the coming years. The EFIC aims to increase its participation in the national market to reach a 70% share of phosphate fertilizers.
According to Abbasi, the company exports about 50% of its production. According to him, considerable amounts went to Bangladesh, Pakistan, and Brazil last year, but the EFIC has the capacity to increase exports.
In the first quarter of 2022, the company's sales volume was EGP 854.81 million (about USD 45.8 million at the current rate), compared to EGP 471.8 million (about USD 25.2 million) in the same period of 2021.
The regional director and head of the Arab Brazilian Chamber of Commerce (ABCC) office in Egypt, Michael Gamal, met with Abbasi to discuss food security and strengthening ties between Egypt and Brazil, such as increasing the supply of fertilizers to the Brazilian market. Gamal was pleased with the idea of cooperating with the company and facilitating the entry of its products into Brazil.
Brazil has been seeking to increase the alternatives in the supply of fertilizers due to the concerns posed in the global market by the war in Russia, an influential player in the sector. Brazil needs imported fertilizers to maintain and expand its agricultural production, which also exports to countries like Egypt.
Egyptian corporation
The EFIC is an Egyptian corporation founded in 1929. Its first plant was built in 1935 in Kafr El-Zayat. In 1961, the company was nationalized, and the second factory was established in 1971 in the province of Assiut. In 1996, 65% of the company's shares were listed on the Egyptian Stock Exchange (EGX). In 2002, the company invested EGP 600 million (about USD 32.1 million) to build a facility in the Suez province. In 2015, the company opened a complex in the Eyn El Sokhna industrial zone.
Profits
The EFIC obtained a net profit of EGP 304.18 million (about USD 16.3 million) in 2021, advancing from EGP 127.02 million (about USD 6.8 million) in 2020. Last year, sales revenue rose to EGP 2.75 billion (about USD 144 million), progressing from EGP 1.42 billion (USD 76.1 million) in 2020. Al-Abbasi said the company's consolidated financial statements for the first quarter of this year indicated an increase in profits by 491% year-over-year.
Translated by Elúsio Brasileiro
Omar Assi/ANBA
Omar Assi/ANBA
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