The Board of Directors of the Iron and Steel Company for Mines and Quarries approved the planning budget for the next fiscal year 2022-2023.

The company stated in a statement to the Egyptian Stock Exchange, today, Monday, that it aims to achieve a net profit of EGP 91.82 million during the next fiscal year.

It is noteworthy that Iron and Steel Mines is a split company from the Egyptian Iron and Steel Company.

And Iron and Steel Mines and Quarries achieved a net profit before tax during the first half of the current fiscal year, amounting to EGP  21.9 million (the period from July to the end of last December).

It also achieved revenues of EGP 55.7 million during the first six months of the current fiscal year.

Last January, the Ordinary General Assembly of the Egyptian Iron and Steel Company agreed to dissolve and liquidate the company as soon as the division process was completed, and to authorize the association’s president to appoint liquidators and determine their fees and the term of liquidation, provided that the company’s financial position on December 31, 2020 is a basis for liquidation.