Cairo – Mubasher: The board of directors of Abu Qir Fertilizers gave a nod to establish new factory for producing plastic bags with annual production capacity of 40 million bags, at total investment cost of EGP 54 million.

Meanwhile, the company's board approved the financial indicators for the fiscal year ended 30 June 2015, with net profits of EGP 903 million, a decline of 36% from EGP 1.4 billion for the previous year.

The indicators showed that the firm's revenues edged down 1.2% to EGP 3.5 billion in the fiscal year 2014-2015, compared with EGP 3.6 billion for the same period of the previous year.

Abu Qir Fertilizers is capitlised at EGP 1.3 billion, distributed across 84.1 million shares at EGP 15 par value each.