Cairo – Mubasher: Egypt Aluminum on Tuesday announced it has appointed National Bank of Egypt (NBE), Egypt’s largest state-run lender, as a financial advisor to lead manage a loan facility.

The company aims to get a loan facility to raise aluminum production by 250,000 tonnes per annum using the state-of-the-art technology, as well as boosting annual output of metal by 78% to 570,000 tonnes, according to a statement to the Egyptian Exchange (EGX).

In January, Egypt Aluminum reported a 34% year-on-year decline in profit for the first half of fiscal year 2018/2019.

Net profits amounted to EGP 758.3 million in the six-month period ended last December, versus EGP 1.15 billion in the prior-year period.

Revenues surged to EGP 7.02 billion at the end of December, from EGP 6.29 billion in the corresponding period of FY17/18.