Misr Aluminum Studies Rehabilitation Plan to Extend Factory Lifespan and Boost Capacity

Egypt's Misr Aluminum announced on Thursday that it is exploring the implementation of a rehabilitation plan aimed at extending the lifespan of its factories and increasing production capacity, according to a report by Al Mal. The company is considering various financing options to fund the initiative, including a potential capital hike. A decision on the most suitable financing alternative will be made following a thorough evaluation.

This announcement came in response to inquiries from the Financial Regulatory Authority (FRA) concerning reports about a possible additional stake offering of the company on the Egyptian Stock Exchange.

Misr Aluminum's profit surged by 33% year-on-year in the first nine months of FY 2023-24, reaching EGP 5.22 billion ($107.59 million), while revenue increased by 52% over the same period to EGP 22.46 billion ($463 million).

In February, Misr Aluminum's subsidiary Egyptalum entered into an agreement with Norwegian renewable energy company Scatec to establish a 1 GW solar power plant. The solar facility will serve as the primary energy source for Egyptalum’s aluminum complex in Nag Hammadi.

Misr Aluminum is a key player in Egypt's aluminum industry, producing a range of primary aluminum products, including ingots, billets, and wire rods. The company serves both domestic and international markets, contributing to the country’s export earnings.