During the first half of this year, the consolidated financial statements of Ezz Steel showed the company’s shift from profitability to losses on an annual basis.

The company explained in a statement to the Egyptian Stock Exchange today that it recorded net losses amounting to 809.77 million pounds during the period from January until the end of June 2023, compared to profits worth 4.12 billion pounds in the first half of 2022, taking into account minority rights.

In contrast, the company’s sales jumped during the first six months of this year to 62.26 billion pounds, compared to 38.49 billion pounds in the first half of last year.

However, the cost of sales during the period increased to 45.36 billion pounds by the end of June 2023, compared to a cost of sales of 28.23 billion pounds in the corresponding period of 2022.

At the level of unconsolidated business, the independent company turned to losses, incurring 38.35 million pounds during the first half of this year, compared to profits amounting to 806.45 million pounds in the first half of 2022.

It is noteworthy that Ezz Steel recorded losses amounting to 2.48 billion pounds during the period from January until the end of March 2023, compared to profits amounting to 1.21 billion pounds during the same quarter of 2022, taking into account minority rights.

The company’s sales increased during the three months to 27.84 billion pounds, compared to sales amounting to 18.64 billion pounds in the comparative quarter of 2022.

At the level of independent business, the company’s losses amounted to about 190.96 million pounds during the period from January to the end of last March, compared to profits worth 18.2 million pounds in the comparative period last year.