According to the report, the company is expected to achieve a growth rate of approximately 88% compared to the actual results of FY2022/2023.
Egypt’s Metallurgical Industries Holding Company set a target to achieve revenues worth EGP 62.5 billion during FY2024/2025, according to a report reviewed by Executive Managing Director of the Company, Mohamed El-Saadawy.
According to the report, the company is expected to achieve a growth rate of approximately 88% compared to the actual results of FY2022/2023.
Additionally, a net profit of about EGP 17 billion is targeted, marking a 94% increase from the previous fiscal year. Export revenues are anticipated to rise by around 130%, reaching close to EGP 32 billion.
Minister of Public Business Sector, Mohamed Shimi, presided over the ordinary general assembly meeting of the Metallurgical Industries Holding Company.
The company Is also planning to build a solar power station with a capacity of 1 gigawatt, saadawy added.
The report also detailed several key projects undertaken by the subsidiaries. Notably, Egypt Aluminum Company is focused on rehabilitating its existing smelter in Nag Hammadi, establishing an additional production line, and constructing a new plant to boost production capacity.
Other initiatives aim to enhance value addition and substitute imports by producing aluminum foils and rims.
Additionally, other projects in the mining sector are being developed to maximize the added value of raw materials and natural resources and establish transformational industries.
Shimi emphasized that the Metallurgical Industries sector is one of the largest under the ministry’s portfolio.
It encompasses a diverse array of industries, products, and promising investment opportunities, alongside the substantial expertise, capacities, resources, and renowned brands of its subsidiaries.
