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Ezz Steel’s profits exceed 4.1 billion pounds during the first half of 2022

The consolidated financial statements of Ezz Steel during the first half of this year showed an increase in the company’s profits by 72.3% on an annual basis.

The company stated in a statement to the Egyptian Stock Exchange on13 September that it achieved profits of 4.12 billion pounds from January to the end of last June, compared to gains of 2.39 billion pounds in the first half of 2021, taking into account minority rights.

The share of the holding company’s shareholders in the half-profit amounted to about 2.6 billion pounds, compared to 1.58 billion pounds during the same period in 2021.

While the non-controlling interests share in profits during the period amounted to about 1.52 billion pounds at the end of June 2022, compared to 813.7 million pounds during the comparable period from 2021.

The company’s sales rose during the first six months to 38.49 billion pounds, compared to 30.41 billion pounds in the first half of last year.

It is noteworthy that Ezz Steel recorded a net profit of 1.21 billion pounds from January to the end of last March, compared to 1.18 billion pounds in earnings during the same quarter of 2021.

The parent company’s share of profits during the period amounted to about 758.85 million pounds, compared to 783.7 million pounds during the same quarter of 2021.

The non-controlling interest profits recorded about 458.11 million pounds at the end of March, compared to 404.17 million pounds in the same quarter of last year.

The company’s sales rose during the three months to 18.64 billion pounds, compared to sales of 13.49 billion pounds in the comparative quarter of 2020.

On the level of independent businesses, the company’s profits amounted to 18.2 million pounds from January to the end of last March, compared to 74.18 million in earnings in the comparable period last year.

 

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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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