Egyptalum plans to invest $34.5 million in new projects next fiscal year
On March 7, 2023, according to our report from the MENA region, the state-owned Egyptian Aluminium Company (Egyptalum) is planning to invest nearly $34.5 million (1.05 billion Egyptian pounds) in projects in the next fiscal year starting on July 1, 2023.
As per the data posted on Egypt's stock exchange and reported by our source from the region, the company is encouraged by a resurgence in profits and an anticipated leap in aluminium sales and net profits for the 2023–2024 fiscal year.
It has also been reported that the company, which is the largest aluminium producer in Egypt and operates one of Africa's largest smelters, expects net earnings of nearly $114 million (3.5 billion pounds) in the fiscal year 2023-2024, far exceeding the anticipated profits of $34.7 million (1.6 billion) in the current fiscal year 2022-2023.
Furthermore, sales are expected to more than double to $872 million (26.6 billion pounds), up from around $338 million (10.08 billion pounds) in the same period.
In the first nine months of the fiscal year 2021–2022, Egyptalum, which produces about 320,000 tonnes of aluminium annually, turned into a profit after experiencing losses the year before.
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