Egyptian firm aims to increase fertilizer sales in Brazil

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(MENAFN-Brazil-Arab News Agency (ANBA))

Cairo – The Egyptian Financial and Industrial Company (EFIC), in the fertilizer sector, intends to expand its exports to Latin American markets, particularly Brazil. The company specializes in products such as fine and granular monophosphate fertilizers, pure concentrated sulfuric acid, dilute battery sulfuric acid, sodium phosphosilicate and ferrous sulfate.

Gamal (left) met Abbasi (right)

EFIC Chairman of the Board, Abdel-Azim Al-Abbasi (pictured above), said the company seeks to meet customer needs in local and overseas markets.

Abbasi explained that the company strives to continuously increase its production capacity to keep up with the development plans of the Egyptian government. The country intends to increase the volume of cultivated agricultural land in the coming years. EFIC aims to increase its participation in the national market to achieve a 70% share of phosphate fertilizers.

According to Abbasi, the company exports around 50% of its production. He said huge sums went to Bangladesh, Pakistan and Brazil last year, but EFIC has the capacity to increase exports.

In the first quarter of 2022, the company’s sales volume was 854.81 million EGP (approximately 45.8 million USD at the current rate), compared to 471.8 million EGP (approximately 25.2 million USD) during the same period of 2021.

Regional Director and Head of Office of the Arab-Brazilian Chamber of Commerce (ABCC) in Egypt, Michael Gamal, met with Abbasi to discuss food security and strengthening ties between Egypt and Brazil, such as the increase of fertilizer supply on the Brazilian market. Gamal was delighted with the idea of ​​cooperating with the company and facilitating the entry of its products into Brazil.

Brazil has sought to increase alternatives in fertilizer supply due to 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 society

EFIC is an Egyptian company founded in 1929. Its first factory 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 600 million EGP (about 32.1 million USD) to build a factory in the province of Suez. In 2015, the company opened a complex in the industrial zone of Eyn El Sokhna.

Benefits

EFIC made a net profit of EGP 304.18 million (approx. USD 16.3 million) in 2021, compared to EGP 127.02 million (approx. USD 6.8 million) in 2020. business grew to 2.75 billion EGP (about 144 million USD), growing by 1.42 billion EGP (76.1 million USD) in 2020. Al-Abbasi said the company’s consolidated financial statements for the first quarter of this year showed a 491% year-over-year profit increase.

Translated by Elúsio Brasileiro

Omar Assi/ANBA Omar Assi/ANBA

Post-Egyptian company aims to boost fertilizer sales in Brazil appeared first on Agência de Notícias Brasil-Árabe.

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