ArabFinance: Egypt Aluminum (Egyptalum) (EGAL) has raised its supplying prices to factories and retailers by around EGP 5,500 for February 2022, the company’s head of marketing and spokesperson Ehab El Elwany told Al Mal Newspaper.

The price of local aluminum excluding taxes now ranges between EGP 57,500 and EGP 69,500 per ton, El Elwany highlighted.

The increase in supplying prices was driven by higher global prices, which rose by an average of $350 per ton, recording $3,000, instead of $2,650 in January, he said.

It is worth noting that Egypt Aluminum recorded a net profit after tax of EGP 814.156 million in H1 FY 2021/2022, versus a net loss of EGP 341.30 million in H1 FY 2020/2021.

Egyptalum is an Egypt-based company specialized in extruding aluminum profiles for architectural and industrial applications. The company undertakes the activities of aluminum billet casting, dies, extrusion, alloys, painting, and anodizing.