The Ordinary General Assembly of the Iron and Steel Company for Mines and Quarries approved the company’s estimated budget for the next fiscal year 2024-2025.

According to a company disclosure, the general assembly decided to amend the company’s estimated budget to target a surplus of 300 million pounds, provided that the quantity and value of sales will be recalculated in light of the amended surplus.

The company attributed the general assembly’s decision to reduce the estimated budget surplus from 590 million pounds to 300 million pounds to recalculate the quantity and value of sales.

The Ordinary General Assembly also approved the draft investment budget for the next fiscal year, amounting to 165.699 million pounds, with self-financing.

It is noteworthy that Iron and Steel for Mines and Quarries recorded a net profit of 73.77 million pounds during the period from July until the end of December 2023, compared to 69.5 million pounds in profits during the comparative period of 2022.

The company’s revenues increased during the first half of the current fiscal year to 166.61 million pounds, compared to 152.6 million pounds during the same period in 2022.