EGX-listed firm Egyptalum posts a 101% leap in net profit for H1 FY2023-24

On Wednesday, January 31, Egypt Aluminum, popularly known as Egyptalum, the largest aluminium producer in Egypt, announced that its net profits after tax during the first half of FY2023-24 ended December 31 amounted to EGP 3.43 billion, registering a jump of 101 per cent year-on-year from EGP 1.70 billion.

The revenues surged by 60 per cent to EGP 13.38 billion during the first six months of FY2023-24 from EFP 8.35 billion. Earnings per share also rose significantly during the said period from EGP 2.40 to EGP 4.83.

Financial growth in Egyptalum was even observed in the first quarter of FY2023-24 ended September 30. The EGX-listed firm posted a 61 per cent hike Y-o-Y in net profits after tax from EGP 642.63 million to EGP 1.63 billion.

Revenues also expanded in the September quarter by 42 per cent to EGP 5.99 billion from EGP 3.47 billion a year earlier, while the earnings per share soared to EGP 2.29 from EGP 0.90.