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Ezz Steel’s loss narrows to EGP 860m in Q1-20 initial results

The unaudited consolidated financial results of Ezz Steel showed a 20% year-on-year (YoY) drop in its net losses to EGP 860 million during the first quarter (Q1) of 2020 from EGP 1.08 billion, including minority shareholders’ rights.

The company’s net losses after taxes amounted to EGP 1.35 billion in Q1-20, up from EGP 1.27 billion in Q1-19, according to a bourse disclosure on Tuesday.

Meanwhile, the steel manufacturer’s sales retreated to EGP 10.78 billion in the January-March period from EGP 12.6 billion in the year-ago period.

As for standalone business, the company suffered net losses of EGP 267 million in Q1-20, down from EGP 370 million in Q1-19.


 

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Arab Iron and Steel Union was established in Algeria in 1972 as the first Arab Union of the Arab countries to be founded under the Council of Economic Unity umbrella in the League of Arab States.

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