Arab Aluminum Company reports a triple-digit surge in net profit for H1 2024
Arab Aluminum Company (AAC), specialised in manufacturing extruding aluminium profiles for a wide range of industries like industrial and architectural, has announced its fiscal results for the first half of 2024, indicating a staggering growth in earnings.
Arab Aluminum noted that its H1 net profit after tax stood at EGP 15.729 million, reflecting a surge of 110 per cent year-on-year from EGP 7.489 million.
The company’s revenue rose 36 per cent Y-o-Y to EGP 249.435 million for the period of January-June 2024. A year ago, the revenue earned by Arab Aluminum Company was EGP 182.677 million.
This significant increase in AAC’s H1 earnings could be attributed to the growing demand for extruded aluminium across the industrial sector, fuelled by a lot of new projects in the areas of engineering and feeding industry. Additionally, substantial investments of EGP 2.9 billion in metal industrial projects boosted Arab Aluminum's financial gains.
The financial ascendancy is noticeable across the Kingdom of Saudi Arabia. Even Ma’aden, a Saudi Arabian mining company, witnessed a remarkable surge of 160 per cent in net profit to SR2 billion for the first half of 2024.
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