October 17, 2020

Egyptalum eyes productivity increase in FY 2020/2021


ArabFinance: Egypt Aluminum Company (Egyptalum) intends to raise its production by 20% to reach its maximum capacity during the fiscal year (FY) 2020/2021, an unnamed official source told Al Mal news website.

The company's efforts to increase its productivity is subject to an improvement in the local market conditions and reaching an agreement with the government to reduce the energy cost.

Egyptalum currently works with about 80% of its production capacity, the source said.

He added that the company's total consumption of electricity stands at about 500 megawatts per year, adding that it pays EGP 1.01 per kilowatt.

Egyptalum incurred a net loss of EGP 1.671 billion for the FY 2019/2020, against EGP 570.927 million posted in FY 2018/2019.

Egyptalum is an Egypt-based company engaged in the production and export of Aluminium products and by-products. The company has a complex at Nag Hammadi, 100 kilometers north of Luxor.

arabfinance


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