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Egyptian Iron and Steel Company sees 42% lower net losses in FY19/20

The adjusted financial statements of the Egyptian Iron and Steel (Hadisolb) showed a 41.88% year-on-year (YoY) decline in its net losses to EGP 887.37 million in fiscal year 2019/2020, compared to EGP 1.52 billion in the previous fiscal year.

he adjusted financial statements of the Egyptian Iron and Steel (Hadisolb) showed a 41.88% year-on-year (YoY) decline in its net losses to EGP 887.37 million in fiscal year 2019/2020, compared to EGP 1.52 billion in the previous fiscal year.

The company’s sales reached EGP 1.08 billion in FY19/20, down from EGP 1.24 billion during the earlier fiscal year, according to the company’s disclosure to the Egyptian Exchange (EGX) on Sunday.

The loss per share stood at EGP 0.91 in FY19/20, versus EGP 1.56 in FY18/19.

It is noteworthy to mention that during the first nine months of FY19/20, the company reported a 47.5% YoY rise in its net losses to EGP 783.847 million, compared to EGP 531.28 million in the year-ago period.

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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.

It is the first Arab organization to specialize in the iron and steel field, and its tasks fall within making plans aimed mainly at developing and growing the iron and steel industry in the Arab world.

Arab Iron and Steel Union comprises a wide range of multi-activity companies related to the iron and steel industry from the Arab countries.

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