The company is set to build a new melamine plant in Damietta Free Zone with a total cost of $260mln

ArabFinance: Misr Fertilizers Production Company (MOPCO) (MFPC) is upgrading production lines to increase its daily output of urea to 195 tons, Al Borsa News reported, citing a report by Al Ahly Pharos Securities Brokerage.

The company is set to build a new melamine plant in Damietta Free Zone with a total cost of $260 million with a production capacity of 60,000 tons of melamine annually.

The new plant will be funded wholly by loans which will be paid through profits generated by the project.

The new plant is set to be completed in two years and will add up to EGP 35 to the fair value (FV) of MOPCO’s stock.

Al Ahly Pharos Securities Brokerage Research maintained its ‘Overweight’ recommendation for MOPCO’s stock, with a FV of EGP 126.75 per share.

It is worth noting that MOPCO posted a consolidated net profit attributable to the parent company of EGP 4.79 billion in 2021, doubling from EGP 2.48 billion in 2020.

MOPCO, formerly Misr Oil Processing company, is an Egypt-based company that is engaged in the production, marketing, wholesaling, and distributing of fertilizers and petrochemical products. The company's various products include ammonia, urea, and nitrogen.