Egypt Aluminum’s net profits soar in Q1 of FY 2017/18

CAIRO – 29 October 2017: Stock market-listed Egypt Aluminum company achieved LE 712 million in net profit in the first quarter (Q1) of fiscal year (FY) 2017/2018, compared to LE 28 million in the same period last year, a company statement said Sunday.

Egypt Aluminum attributed the hike to increasing the average price of the aluminum in international bourses during that period, and the flotation of the Egyptian pound that affected exports’ value.

Sales registered LE 3.1 billion between July and September, compared to LE 1.5 billion in the corresponding period last year.

In September, Egypt Aluminium’s board approved increasing its authorized capital from LE 1 billion to LE 5 billion.

The company’s profits skyrocketed 4,236% in the first eleven months of fiscal year 2016/2017 to reach LE 1.3 billion, up from LE 30.8 million in the year-ago period.

Egypt Aluminium is an Egypt-based company engaged in the production and sale of aluminium products and by-products, with a focus on the production, distribution, market, import and export aluminium, raw materials, alloys and derivatives.