Egypt Aluminum sees a double-digit hike in net profit during the nine-month period of FY2024

Egypt Aluminum, the largest aluminium producer in Egypt and one of the largest in Africa, has reportedly announced its financial results for the first nine months of FY2023-24 ended March 31.

Egypt Aluminum, popularly known as Egyptalum, posted its net profit after tax surged by 33 per cent year-on-year to EGP 5.22 billion during the nine-month period, compared to EGP 3.91 billion. 

In the first six months of FY2024, Egypt Aluminum achieved a net profit of EGP 3.43 billion, a 101 per cent year-on-year jump from EGP 1.70 billion. 

The above figure suggests that Egytalum’s net profit in the third quarter of FY2024 was EGP 1.79 billion.  

The company’s revenue in nine months was EGP 22.46 billion, up 52 per cent Y-o-Y from EGP 14.75 billion.  In the first two quarters, the revenue was EGP13.38 billion, meaning the revenue earned in Q3 of FY2024 was EGP 9.08 billion. 

The earnings per share (EPS) rose 33 per cent year-on-year to EGP 7.35 from July 2023 to March 2024, compared to EGP 5.51 a year ago. 

Egypt Aluminum anticipates a net profit of EGP 10 billion in FY2024-25, more than the estimated net profit of EGP 4.85 billion in FY2023-24.