According to a recent report, Egypt Aluminium, popularly known as Egyptalum, has set a target for the fiscal year 2023-24, which includes a plan to achieve EGP 3.12 billion in net profit after tax. This marks an increase of 3.31 per cent from the previous year’s target of 3.02 billion.
Egyptalum has also aimed to generate sales up to EGP 26.60 billion at the end of FY2024 (June 30, 2024), up by 29.76 per cent from the previous year’s 20.50 billion.
These targets were set by the board members during the meeting of estimated budget for FY2023-24 on April 6, 2023.
In the first half of FY2022-23, Egyptalum earned EGP 1.70 billion in net profit after tax compared to EGP 814.15 million during the same period of the previous year.
Revenues also grew during H1 FY2023 to EGP 8.35 billion from EGP 6.69 billion in H1 FY202, while earnings per share (EPS) expanded from EGP 1.14 to EGP 2.40.
Egyptalum is the largest aluminium producer in Egypt and one of the largest in Africa, whose products range from aluminium ingots to profiles to flat rolled products. It has an annual production capacity of around 320,000 tonnes, procuring electric energy from the Aswan High Dam.
On March 7, 2023, the state-owned company said it would invest nearly $34.5 million in projects in the fiscal year starting July 1, 2023.
Responses
