ArabFinance: Egypt Aluminum Company (Egyptalum) (EGAL) has intended to reach the maximum of its capacity during the fiscal year (FY) 2020/2021 by increasing about 20% of its production, an official source told Al Mal news website.

The company's efforts to increase its productivity subject to improvement in local market conditions and settlement with the Ministry of Electricity to reduce the energy cost.

The company currently works at about 80% of its production capacity, the source said, noting Egyptalum gets electricity worth EGP 1.01 per kilowatt, while its total consumption is about 500 megawatts per year.

Egyptalum incurred a net loss of EGP 1.671 billion for the FY 2019/2020, against EGP 570.927 million posted in FY 2018/2019.

Egyptalum is an Egypt-based company engaged in the production and export of Aluminium products and by-products. The company has a complex at Nag Hammadi, 100 kilometers north of Luxor.

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