Cairo – Mubasher: The board of Abu Qir Fertilizers decided to take steps towards implementing the carbon dioxide emissions reduction project and increasing the output capacity of Abu Qir Urea Plant (3).

The production capacity of the plant is planned to be increased to 2,370 tonnes per day from 1,925 tonnes per day, which would be an increase of 154,000 tonnes annually, the company said in a bourse disclosure on Thursday.

Al Ahly Capital Holding was assigned to arrange the required financing for the project.

During fiscal year 2019/2020, the company logged net profits of EGP 2.69 billion, down from EGP 3.16 billion a year earlier.