Cairo: Chairman of New Valley Company for Mineral Resources and Oil Clay (Wadico) Amgad Abdel Razek Ghoneim announced that the company's net profits exceeded EGP 1 billion in 2025, compared to EGP 340 million in 2023, marking an exceptional growth rate of 195%.

According to State Information Service Egypt, Ghoneim stated that the company's total assets rose to EGP 3.14 billion, alongside record contracts valued at EGP 3 billion. He attributed this strong performance to the successful implementation of the company's institutional development strategy (2024-2028).

These remarks came during a presentation delivered via video conference to Minister of Petroleum and Mineral Resources Karim Badawi at the company's general assembly meeting to approve its 2025 financial results. He added that the company achieved total phosphate extraction of 3.5 million tons in 2025, with improved operational efficiency raising daily production to 10,000 tons.

Regarding fine phosphate production using mechanical separation, Ghoneim noted that total output reached 1.7 million tons, with an average daily production of 4,600 tons and sales totaling 1.1 million tons. He highlighted that expanded exploration programs led to the confirmation and addition of new phosphate reserves, bringing total measured and confirmed reserves-along with current stock-to levels sufficient to sustain production and sales for more than eight years based on current capacity.

On expanding business activities, Ghoneim said that Wadico is exploring external markets through discussions to utilize phosphate resources in Saudi Arabia, in addition to signing a memorandum of understanding to explore phosphate in Mauritania.