ArabFinance: Egypt Aluminum Company (Egyptalum) reported a 43% Year on Year decline in its net loss in the second half of 2020, according to the unaudited financial statements filed to the Egyptian Exchange.
Net loss stood at EGP 341.300 million in the July -December 2020, compared to EGP 595.709 million incurred in the prior-year period.
The company attributed the loss to the rise prices of raw metal and sales increase by 55,000 tons.
Egyptalum said the final value of its rehabilitation is not determined yet.
On January 11th, Egyptalum announced that six entities are competing over its steel wheel rim manufacturing project for cars.
The Egypt-based company is specialized in extruding aluminum profiles for architectural and industrial applications. The company undertakes the activities of aluminum billet casting, dies, extrusion, alloys, painting, and anodizing.
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