Egyptalum shifts to profit in FY 2020-21
The largest aluminium producer in Egypt and one of the largest in Africa, Egyptalum shifted to make net profits of EGP 28.27 million during the fiscal year 2020-21, against net losses of EGP 1.67 billion in FY 2019-20, as disclosed by the adjusted unaudited financial results.
On 23rd September 2021, during the filling at the stock exchange, the aluminium producer disclosed that its revenues surged to EGP 11.36 billion in the year ended 30th June from EGP 7.25 billion a year earlier.
The positive trend of the company's financial results is attributed to the escalated average basic price of aluminium on the international market and a rise in sales volume by 98,000 tonnes.
However, in the first nine months of FY2020-21, the metal company suffered net losses of EGP 347.72 million, down from EGP 1.02 billion in the previous-year phase.
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