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Ezz Steel reviews the size of the expected losses as a result of the liberalization of the exchange rate

Ezz Steel reviewed the expected losses for the group companies as a result of the liberalization of the pound against the dollar and foreign currencies.

The company stated in a statement to the Egyptian Stock Exchange today, Sunday, that it is initially estimated that the currency losses in the second half of this year on the currency prices at the end of the working day of October 27 will reach the following:

– Ezz Steel Company (collective) 2.19 billion pounds.

– Al-Ezz Al-Dakhila Steel Company – Alexandria (collective) 1.88 billion pounds.

She said that one of the most important reasons for these losses is the dollar obligations of companies, which increased during the recent period as a result of covering import operations in dollars.

It is noteworthy that Ezz Steel achieved profits amounting to 4.12 billion pounds during the period from January to the end of last June, compared to profits 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-term profits amounted to about 2.6 billion pounds, compared to 1.58 billion pounds during the same period of 2021.

While the share of non-controlling interests 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 comparative period of 2021.

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

On the level of unconsolidated business, the profits of the independent company jumped to 806.45 million pounds during the first half of this year, compared to profits amounting to 156.23 million pounds in the first half of 2021.

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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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