Egypt has greenlit substantial investments of nearly 2.9 billion Egyptian pounds ($94 million) in new metal industrial projects for the fiscal year 2023-2024. The initiative, spearheaded by the state-owned Metallurgical Industries Holding Company, aims to finance novel projects and augment production lines across affiliated entities.
Egyptalum, the foremost aluminium producer in Egypt, stands at the forefront of this burgeoning development. Bolstering its commitment, the Metallurgical Industries Holding Company has allocated approximately $1 billion to amplify Egyptalum's aluminium production by an impressive 300,000 tonnes annually.
Financial Triumphs: Egyptalum's stellar performance
The financial landscape of Egyptalum reflects remarkable success in H1 FY2023-24. The net profits after tax for this period, concluding on December 31, witnessed a staggering surge, catapulting to EGP 3.43 billion—a remarkable 101% increase from the previous year's EGP 1.70 billion.
During the same fiscal period, Egyptalum experienced a commendable growth trajectory. Revenues soared by 60%, reaching EGP 13.38 billion from EGP 8.35 billion. Earnings per share mirrored this upward trend, escalating from EGP 2.40 to EGP 4.83.
