The Ordinary General Assembly of Egypt Aluminum Company approved the draft estimated budget for the current activity for the fiscal year 2021-2022, with a net profit of LE 138.39 million.
The company targets total sales during the next fiscal year of LE 11.29 billion, compared to sales of the approved plan for the current fiscal year amounting to LE 10.53 billion, and sales expected to be achieved worth LE 10.21 billion in the current fiscal year.
The company’s sales registered LE 3.1 billion between July and September, compared to LE 1.5 billion in the corresponding period last year.
A wrap-up for the most prominent news circulated during the day.
The company is conducting financial and economic studies for an expansion project with a production capacity of 250,000 tons per year.
EGX ended Thursday in the green. The main index added 0.06 percent. Market capital gained LE 2.9 billion ($162.9 million), while turnover reached LE 883 million.
Egypt Aluminum’s earnings are expected to rise to more than LE 1.5 billion by the end of the fiscal year 2016/17 for the first time in the company’s history.