Earnings watch: Egypt Aluminum plunges into the red in FY2019-20, QNB AlAhli reports 20% drop in 3Q2020 net profits

EARNINGS WATCH- Egypt Aluminum recorded EGP 1.67 bn of losses in FY2019-20, a year after turning a EGP 571 mn profit, the company said in an EGX filing, citing increased production costs, the appreciation of the EGP, and the global price on the London Metal Exchange. This comes a few days after the US imposed a 10.42% tariff on Egyptian aluminum imports after finding that exporters were engaging in dumping.

QNB AlAhli’s net profits fell 20% y-o-y in 3Q2020 to EGP 1.8 bn, according to the company’s financial statement (pdf). The bank recently said that covid-19 has “overshadow[ed]” its operations this year, pushing down its profits.