ArabFinance: The ordinary general meeting (OGM) of Egypt Aluminum (Egyptalum) (EGAL) has endorsed the estimated budget for fiscal year (FY) 2022/2023, targeting a net profit of EGP 1.608 billion, according to a statement filed to the Egyptian Exchange (EGX) on April 6th.
Moreover, the OGM has approved the FY 2022/2023 investment budget, with a sum of EGP 800 million to be self-financed.
The OGM also recommended bringing the company’s total production to 310,000 tons amid higher global prices.
The company’s board of directors previously endorsed the preliminary indicators of the FY 2022/2023 estimated budget, with a net profit after tax of EGP 1.26 billion.
Egyptalum is an Egypt-based company specialized in extruding aluminum profiles for architectural and industrial applications. The company undertakes the activities of aluminum billet casting, dies, extrusion, alloys, painting, and anodizing.
