Mubasher Securities and Bonds Trading Company said that shareholder Jamal Abdul Qader Abdul Basir reduced his stake in the capital of Ezz Steel Company from 5.85% to 4.99%.

The company explained in a statement today, Thursday, that Gamal Abdel Qader sold 4.67 million shares of Ezz Steel, with a total value of the deal amounting to 374.845 million pounds, with an average selling price of 80.22 pounds per share.

She indicated that the percentage of shares of groups related to the shareholder is for Al-Wahda Industrial Development Company with a ratio of 2.53% and the Egyptian Steel Company with a ratio of 1.52%.

It is noteworthy that during the nine months of 2023, Ezz Steel recorded total profits for the period, amounting to 27.9 billion pounds.

It recorded combined net losses of 1.9 billion pounds during the period from January to the end of September 2023, compared to profits of 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 during the first nine months of 2023, with the Egyptian pound continuing to decline against major currencies.

In contrast, the company’s sales jumped during 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 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.

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