The board of directors of the Delta Sugar Company approved adding the activity of producing agricultural fertilizers, and manufacturing fodder and materials related to molasses to its activities.
The company clarified that it is related to the original activity for the main purpose of the company.
A company statement added that the administration will submit the disclosure report to the Financial Supervisory Authority, and invite the Extraordinary General Assembly to consider adding the new activity as soon as the disclosure report is published.
In September 2019, the company announced its contribution to the development of bioethanol production from molasses with the Holding Company for Petrochemicals, provided that it would contribute 5% of the project’s capital, with a value of about $ 2 million, to be paid over two years.
And the company turned to record a net loss of 253.95 million pounds last year, compared to 42.89 million pounds in profits during the previous year.
The company’s revenues increased during 2020 to record 3.24 billion pounds by the end of December 2020, compared to 2.36 billion pounds during the past year 2019.
The company attributed the loss to the drop in sugar prices globally and locally as a result of the Coronavirus pandemic.
The article “Delta Sugar” adds fertilizer production to its activities, was written in Al Borsa newspaper.