CAIRO – 2 October 2024: Egypt’s Metallurgical Industries Holding Company aims to achieve LE 62.5 billion in revenue for the fiscal year 2024/2025, as highlighted in a report reviewed by the Executive Managing Director, Mohamed El-Saadawy.
The report anticipates a significant growth rate of 88 percent compared to the actual results of FY2022/2023. Additionally, the company is targeting a net profit of around LE 17 billion, marking a substantial increase of 94% from the previous fiscal year. Export revenues are projected to surge by approximately 130 percent, reaching close to LE 32 billion.
Minister of Public Business Sector, Mohamed Shimi, chaired the ordinary general assembly meeting of the company. El-Saadawy also revealed plans for a 1-gigawatt solar power station.
The report detailed several key subsidiary projects, including the Egypt Aluminum Company’s efforts to upgrade its Nag Hammadi smelter, add a new production line, and build a new plant to enhance output capacity. Other initiatives aim to increase value addition, produce aluminum foils and rims, and substitute imports.
Moreover, projects in the mining sector are in progress to maximize the value of raw materials and natural resources, developing transformational industries.
Shimi underscored the importance of the Metallurgical Industries sector as one of the largest under the ministry's portfolio. The sector encompasses a diverse range of industries, products, and investment opportunities, backed by extensive expertise, resources, and well-known brands of its subsidiaries.
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