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Egypt: Iron and Steel Mines achieve 17 million pounds in profits during August

The Iron and Steel Company for Mines and Quarries announced that it achieved total sales during August with a value of 17.34 million pounds.

The company said in a statement to the Egyptian Stock Exchange on October 3 that the sales of the Bahariya mines amounted to about 17.19 million pounds during August.

It added that the sales value of Bani Khaled – Samalout quarries recorded about 147.1 thousand pounds.

It is noteworthy that Iron and Steel for Mines and Quarries made 40.63 million pounds in profits after taxes during the fiscal year ending in June.

The company also achieved 121.21 million pounds in sales during the last fiscal year, 2021-2022.

Iron and steel for mines and quarries made profits before taxes during the first nine months of the current fiscal year, at a value of 29.65 million pounds.

It recorded revenues of 82.78 million pounds from July to the end of last March.

In a session, last February, the Ordinary General Assembly of the Iron and Steel Company for Mines and Quarries approved the estimated budget for the next fiscal year at about 91.82 million pounds.

It added that the General Assembly approved the draft investment budget for the fiscal year 2022-2023, amounting to 74.7 million pounds, self-financed.

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About AISU

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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