Abu Dhabi: The sale profits of PhosPhate Misr company from its concessions in Abu Tartour, the Red Sea, and Sebaiya have increased to EGP 7.9 billion in 2024, marking a 149 percent increase compared to last year. Profits after tax reached EGP 3.3 billion in FY 2024, a 194 percent increase over the previous year, Minister of Petroleum and Mineral Resources Karim Badawi said during the General Assembly meeting of Misr Phosphate Company on Tuesday to approve the financial results for the fiscal year 2024.

According to State Information Service Egypt, the petroleum and mining sectors attach great importance to value-added projects and maximizing the benefits of Egypt's petroleum and mineral resources. This is achieved through expanding local manufacturing projects, producing globally competitive products, and exporting to international markets to secure foreign currency, as stated by Badawi.

The minister emphasized the goal of transforming Egypt into a regional hub for mining industries by utilizing the advanced infrastructure and Egypt's strategic geographic location. He highlighted ongoing efforts to develop the mining work system as part of the ministry's strategy in the mining sector during the current period.