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The state-controlled Egyptian Aluminium Company (Egyptalum) is planning to invest nearly 1.05 billion Egyptian pounds ($34.5 million) in projects in the next fiscal year starting on July 1, according to company data published on Tuesday.
The company is buoyed by a rebound to profits as well as a projected surge in aluminium sales and in net profits during the 2023-2024 fiscal year, showed the figures published on Egypt’s bourses and carried by the Arabic language daily Addustour.
The report said the company, the largest aluminium producer in Egypt and one of the largest smelters in Africa, aims to achieve net earnings of nearly 3.5 billion pounds ($114 million) in the 2023-2024 fiscal year, far higher than the expected profits of 1.6 billion ($34.7 million) during the current 2022-2023 fiscal year.
It also forecast sales would more than double to 26.6 billion pounds ($872 million) from around 10.08 billion pounds ($338 million) in the same period, according to the report.
Egyptalum, which produces nearly 320,00 tonnes of aluminium per year, rebounded into profits in the first 9 months of the 2021-2022 fiscal year after suffering from losses in the previous year.
(1 US Dollar = 30.78 Egyptian Pounds)
(Writing by Nadim Kawach; Editing by Anoop Menon)
