Egypt’s Metallurgical Holding sets EGP62.5b revenue target

The Ministry of Public Business Sector has approved the 2024/2025 budget for the Metallurgical Industries Holding Co, setting a revenue target of 62.5 billion Egyptian pounds and an expected net profit of 17 billion Egyptian pounds.

Minister Mohamed Shimi, who convened the general assembly, stated that the planned revenue growth rate is 88 percent higher than the actual revenue obtained in the previous fiscal year, while profits are predicted to increase by 94 percent. Export income are expected to rise by 130 percent, totaling roughly 32 billion Egyptian pounds.

Key projects include the repair of Egypt Aluminum’s Nag Hammadi smelter, the development of a 1-gigawatt solar power plant, and the expansion of aluminum output.

Al Nasr Automotive Company is also modernising its infrastructure, with plans to partner on vehicle production.

Shimi emphasised the importance of upgrading production lines, expanding partnerships with the private sector, and supporting national industry through new projects, focusing on sustainability and maximizing value from local resources.

Attribution: Egyptian Cabinet

Subediting: M. S. Salama