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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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About AISU

Arab Iron and Steel Union ( AISU ) was established in Algeria in 1971 as the first Arab union of Arab countries to be established under the umbrella of the Council of Economic Unity in the League of Arab States.

AISU is a non-governmental organization of a private nature, not of a political or commercial nature.

AISU works in the field of preparing studies, organizing courses and holding periodic conferences for the prosperity of the Arab iron and steel industry. The union includes a wide range of companies with multiple activities related to the iron and steel industry.

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28 Board of Directors

17 Country

300.000 Employees

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