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Egypt Aluminum to post EGP 107M profits in 2019/20

Egypt Aluminum to post EGP 107M profits in 2019/20

ArabFinance: Egypt Aluminum (EGAL) announced that the company has turned to profit in the ratified budget for FY 2019/2020, as per a Monday bourse filing.

The company is expected to post EGP 107 million profit in the FY 2019/2020, instead of incurring net losses of EGP 342 million that were expected before.

Egypt Aluminum attributed this conversion to setting electricity prices at EGP 1.11/kWh.

Late March, the OGM ratified the 2019/2020 budget as it expected net losses of EGP 341.961 million.

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