MOPCO achieves a remarkable 153% Profit increase in 2024

Misr Fertilizers Production Company (MOPCO) concluded its General Assembly meeting, unveiling a series of impressive achievements for the year 2024. The assembly, graced by Engineer Karim Badawi, Minister of Petroleum and Mineral Resources, emphasized the pivotal role of the petrochemical sector in the Egyptian economy. Minister Badawi underscored the sector’s significance in transforming natural resources into high-value products, highlighting the sector’s appeal to both local and international investors.

During the assembly, MOPCO’s exceptional performance was evident with the approval of a cash dividend distribution of 3.5 Egyptian pounds per share and a notable capital increase from 20 billion to 28 billion pounds. These decisions were supported by key figures, including Eng. Ibrahim Mekky, Chairman of the Egyptian Petrochemicals Holding Company, and other industry leaders.

Performance Highlights and Strategic Initiatives

Eng. Ahmed Mahmoud, Chairman of MOPCO, presented the company’s stellar performance indicators, including an increase in production capacity and efficiency. The Damietta industrial complex’s MOPCO 3 plant reported a 10% boost in production capacity, resulting in a $2 million revenue increase. MOPCO recorded over 4 million safe working hours in 2024, contributing to a total of 19 million safe hours since 2018, demonstrating a commitment to safety and operational excellence.

The Company’s financial success was marked by revenues reaching EGP 19.65 billion and net profits soaring to EGP 15.12 billion, a remarkable 153% increase from the previous year. MOPCO’s focus on sustainability is evident through its green projects, including the production of green ammonia and sustainable aviation fuel, aligning with global environmental standards.

Expert Commentary and Future Prospects

Industry expert Dr. Mona Thabet from the Central Auditing Organization praised MOPCO’s strategic alignment with Egypt’s development goals and its proactive approach to sustainability. The company’s initiatives in green ammonia production, in collaboration with Norwegian company Scatec, are poised to position Egypt as a leader in sustainable energy solutions. MOPCO’s commitment to environmental stewardship is further evidenced by its ISO 14001 certification and efforts in carbon footprint reduction.

Looking ahead, MOPCO is exploring participation in soda ash and derivatives production projects in El Alamein, as part of its strategy to diversify and enhance its product offerings. The Company’s emphasis on international collaboration is reinforced by recent visits from Latin American ambassadors, aiming to bolster trade relations.

Community Engagement and Social Responsibility

MOPCO’s contributions extend beyond the industrial sphere, with significant investments in social responsibility. In 2024, the company allocated EGP 39 million to support various initiatives across Egypt, focusing on infrastructure, education, and health, particularly in Damietta. The company’s commitment to human capital development is reflected in its provision of 1,710 training opportunities for employees.

The assembly concluded with optimism for MOPCO’s continued growth and its role as a beacon of excellence in Egypt’s petrochemical landscape