Misr Aluminum Company announced the planning budget for the next fiscal year 2022-2023.
And it clarified, during a statement sent to the Egyptian Stock Exchange, today, that it aims to achieve profits during the period estimated at 1.3 billion pounds.
I continued that it is targeted to achieve local sales during the next fiscal year at a value of 6.1 billion pounds, and the total targeted sales were estimated at about 15.9 billion pounds.
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A collective rise in the Egyptian Stock Exchange indices at the end, with the support of local and Arab purchases
She explained that the value of the targeted exports during the period amounted to 9.9 billion pounds, noting that the target value in dollars amounts to 6.2 million dollars.
Misr Aluminum has previously said that the engineering group consulting "Sigman" has not completed the feasibility study for the car rims production line project yet.
She confirmed that the first phase of the contract signed with the consulting group is currently being implemented, which is a feasibility study for the project.
It is worth noting that Misr Aluminum achieved a net profit of 814.15 million pounds from the beginning of July until the end of last December, compared to losses amounting to 341.3 million pounds during the same period of the last fiscal year.
The company's revenues increased during the period to record 6.69 billion pounds at the end of December, compared to 5.01 billion pounds during the same period of the last fiscal year.
The latest developments in the study of the Seventh Line project have already been announced.
She said that she had contracted with the American global Bechtel company (the project consultant) to provide a feasibility study (FS), capital cost estimate and economic analysis for Egypt Aluminum Company regarding the establishment of a new production cell line (line 7) in the aluminum smelter with a production capacity of 250 thousand tons of metal. aluminum annually.
She added that the economic study of the Seventh Line project showed negative results due to the price of electricity, in addition to the size of the economics of the project (a short production line - 208 cells). US dollar / megawatt hour (about 58 piasters / kilowatt hour).
She pointed out that due to the challenges of energy prices, Bechtel developed an additional scenario that was not included in the scope of the feasibility study and an approximate non-bank cost to establish a longer production line that includes the entire carbon area with 436 cells with a production capacity of 570 thousand tons of aluminum annually, and Bechtel conducted an economic analysis. First, this approximation.
She explained that a study was conducted in order to reach the break-even point, which indicated that the price would be 70 piasters per kilowatt-hour, with a change in the price of the base metal according to the variables of the International Metals Exchange in London. American Bechtel to the concerned authorities and it was recommended that Bechtel should evaluate the current smelter for that energy.
