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Hadisolb’s loss narrows to EGP 437m in H1-20/21 initial results

The financial indicators of the Egyptian Iron and Steel (Hadisolb) showed net losses of EGP 437.05 million in the first half (H1) of fiscal year 2020/2021, down by 8.6% year-on-year (YoY) from EGP 478.18 million.

The steel manufacturer’s revenues fell to EGP 555.28 million in the July-December period of 2020, compared to EGP 583.25 million in the corresponding period a year earlier, according to a bourse disclosure on Sunday.

Earlier, the company’s shareholders approved a decision to liquidate its steel plant and spin off its mining operations.

During the first quarter (Q1) of fiscal year 2020/2021, Hadisolb incurred net losses of EGP 274.48 million, down from EGP 367.8 million in the year-ago period.

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