On May 8th, Egypt Aluminum (Egyptalum), the largest aluminium producer in Egypt and one of the largest in Africa reported that it had become profitable for the first nine months of the company's fiscal year (FY) 2021 to 2022. The Egyptian financial year runs from 1st July to 30th June.
The corporation achieved a net profit after tax of EGP 1.68 billion in the nine months ended March 31st, compared to a net loss of EGP 347.72 million in the same period of FY 2020 to 2021. The report was shared in an unaudited financial income statement filed with the Egyptian Exchange (EGX).
During the period from July 1st 2021 until March 31st 2022, the company's revenue grew to EGP 10.76 billion from EGP 8.14 billion in the same period of FY 2020 to 2021.
The firm had a net profit after tax of EGP 814.156 million in H1 FY 2021 to 2022, compared to a net loss of EGP 341.30 million in H1 FY 2020 to 2021. Headquartered in Egypt, the firm also provides services like aluminium billet casting, extrusion, dies, alloys, painting, and anodizing.
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