Cairo – Mubasher: Egypt Aluminum denied reports stating that the solar power plant at aluminum complex in Naga Hamadi will be established at a cost of $300 million.

The cost of the solar power plant has not been determined yet, the aluminum producer said in a statement to the Egyptian Exchange (EGX) on Monday.

During the first nine months of fiscal year 2018/2019, Egypt Aluminum logged a profit of EGP 715.8 million, compared to EGP 1.86 billion in the year-ago period.

The decline of the nine-month net profit was attributed to higher costs of electric power and other production requirements, along with lower basic prices of aluminium on the London Stock Exchange (LSE).     

The company’s revenues rose to EGP 9.94 billion in the first nine months of FY18/19 from EGP 9.91 billion in the same period of FY17/18.