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Ezz Steel’s profits rise to 1.2 billion pounds in the first quarter

The consolidated financial statements of Ezz Steel for the first quarter of this year showed a marginal increase in the company’s profits on an annual basis.

In a statement to the Egyptian Stock Exchange, the company stated that it recorded a net profit of 1.21 billion pounds from January to the end of last March, compared to 1.18 billion pounds in earnings during the same quarter of 2021.

The parent company’s share of profits during the period amounted to about 758.85 million pounds, compared to 783.7 million pounds during the same quarter of 2021.

The non-controlling interests recorded 458.11 million pounds at the end of March compared to 404.17 million pounds during the same quarter last year.

The company’s sales rose during the first three months to 18.64 billion pounds compared to 13.49 billion pounds sales in the 2020 first quarter.

On the level of independent businesses, the company’s profits amounted to 18.2 million pounds from January to the end of last March, compared to 74.18 million pounds in earnings in the comparable period last year.

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Arab Iron and Steel Union ( AISU ) was established in Algeria in 1971 as the first Arab union of Arab countries to be established under the umbrella of the Council of Economic Unity in the League of Arab States.

AISU is a non-governmental organization of a private nature, not of a political or commercial nature.

AISU works in the field of preparing studies, organizing courses and holding periodic conferences for the prosperity of the Arab iron and steel industry. The union includes a wide range of companies with multiple activities related to the iron and steel industry.

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