The Egyptian Financial and Industrial Company works in the fertilizer sector and is considered one of the largest Egyptian companies producing phosphate fertilizers. The company's activities entail the production and manufacturing of chemical materials, manures, and agricultural fertilizers of all kinds. The company was established in 1929 as an Egyptian joint stock company and was a pioneer in the phosphate fertilizer industry in Egypt and the Middle East. The company achieved revenues of EGP 855 million for the first quarter of the fiscal year 2022, with a growth rate of 81% compared to the first quarter of the previous year, and the company's net profit amounted to EGP 236 million for the same period, with a growth rate of 5 times that of the previous fiscal year.
Mr. Mohamed El-Etreby, Chairman of the Board of Directors of Banque Misr stated that the decision to sell the shares of the Egyptian Financial and Industrial Company was made within the framework of the bank's strategy that aims to exit major contributions that achieved a strong return for Banque Misr, in order to recycle the investment portfolio and use the profits resulting from the sale into new contributions. This way, Banque Misr can add to their role in accelerating the growth of companies by increasing their capital and entering them into projects that generate returns at high growth rates.
Mr. Akef Al-Maghraby, Vice Chairman of Banque Misr Board of Directors, added that the selling price from the Egyptian Financial and Industrial Company is based on achieving capital gains that exceed the trading averages in the last three and six months on the stock's trading in the Egyptian Stock Exchange. He also stressed the role of the company’s board of directors in bringing business results to unprecedented rates, driven by the large rise in commodities such as phosphate and nitrogen fertilizers, given the current circumstances of delays in supply chains, which the company exploited to export to global markets and achieve greater benefit in its global presence.
