Cairo – Mubasher: Egypt Aluminum on Tuesday has announced that it is considering to set up a solar power plant in a bid to help meet demands of its expansion project and slash electricity cost.
The Egyptian firm will ensure an external financing at a low-interest rate for the project on the back of its foreign-exchange proceeds from export, according to a bourse filing.
Aluminum, which gives no further details about the cost and timeframe of the project, previously posted a 108% year-on-year hike in profits for the nine-month period ended March 2018.
Net profit stood at EGP 1.86 billion in the July-March period of fiscal year 2017/2018, compared to EGP 894.017 million in the prior-year period.
