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“Ezz Steel”: 1.9 billion pounds in losses in the first nine months of 2023

In the nine months of 2023, Ezz Steel recorded total profits for the period, amounting to 27.9 billion pounds.

The company explained in a press statement, today, Monday. That it recorded consolidated net losses amounting to 1.9 billion pounds in the period from January until the end of September 2023, compared to profits worth 5.7 billion pounds in the comparative period of 2022, taking into account minority rights.

The company indicated that foreign currency losses amounted to 23.9 billion pounds in the first nine months of 2023, with the Egyptian pound continuing to decline against major currencies.

According to the company’s statement, losses per share recorded 2.16 pounds, in the period “January – September” 2023, compared to gains of 6.9 pounds for the similar period in 2022.

In contrast, the company’s sales jumped in the first nine months of this year to 103.2 billion pounds, compared to 60.6 billion pounds in the same period last year. However, the cost of sales in 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.

Regarding the unconsolidated lists, the independent company’s profits declined in the first nine months of this year to 442.75 million pounds, compared to 1.036 billion pounds in the corresponding period of 2022.

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