Egypt Aluminum turns to profit in FY20/21 adjusted financials

The company's revenues rose

Cairo – Mubasher: Egypt Aluminum turned to net profits of EGP 28.27 million during fiscal year (FY) 2020/2021, against net losses of EGP 1.67 billion in FY19/20, the adjusted unaudited financial results showed.

The company's revenues rose to EGP 11.36 billion in the year ended 30 June from EGP 7.25 billion a year earlier, according to a bourse disclosure on Thursday.

The positive turn in the company's financial results was ascribed to the increased average basic price of aluminium on the international metal exchange and higher volumes of sales by 98,000 tonnes.

In the first nine months of FY20/21, the company incurred net losses of EGP 347.72 million, down from EGP 1.02 billion in the prior-year period.

Source: Mubasher

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