Egypt’s Minister of the Public Business Sector Asharaf El Sharkawy called upon state-owned Egypt Aluminum to slash the time the firm plans to take prior to launch its planned development project once feasibility studies have been completed.
Per a report released by the Ministry of Public Business Sector earlier this week, plans are in the works to increase Egyptalum’s overall capacity via the construction of a new 250-thousand-metric-ton-per-annum smelter.
Although other hurdles remain before Egyptalum is in a position to break ground on the project, the funding obstacle has already been cleared. The firm’s Extraordinary General Assembly has already approved bumping up the company’s licensed capital from E£1 billion (US$56.6 million) to E£5 billion (US$283 million) and increased issued and paid up capital from E£550 million (US$31.1 million) to E£1.1 billion (US$62.3 million).
In addition to urging the firm on in its expansion project, El Sharkawy counseled the firm to investigate any project’s economic feasibility prior to its undertaking, including consideration of any foreseeable risks. He also advised the firm of the necessity for it to take full advantage of investment opportunities it happens upon.
Egyptalum has been making significant progress in the global aluminium sector, boasting bottom-line profits of E£1.7 billion (US$96.3 million) last fiscal year, up from E£84.4 million (US$4.78 million) the year prior. The firm’s revenues came to just shy of E£9 billion (US$510 million) in the previous fiscal, besting the prior fiscal year’s total of E£5 billion (US$283 million). The firm’s growth rate in the previous fiscal year totaled 81.6 percent.