ICEC

Egypt Aluminum Q4/FY2015-16 profits surge 179%

Egypt Aluminum Co – Egyptalum (EGAL.CA), the largest aluminium producer in Egypt and one of the largest in Africa, reported a 179 percent increase in profits for the fourth quarter of the financial year 2015/16.

Net profits thus reached 223.2 million Egyptian pounds ($25.2 million), compared with 80 million pounds ($9 million) for the year-ago period.

Over the financial year 2015/16, net profits declined 11 percent year-over-year to 165 million pounds ($18.6 million) from 184 million ($20.8 million), according to unaudited financial results.

Earnings per share stood at 1.32 pounds in 2015/16 against 1.47 pounds a year earlier.

Revenues also went down to 5 billion pounds in the year ended 30 June, from 5.3 billion pounds last year.

Over the first nine months ended on March 31, the company logged 57.71 million pounds losses.

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