Al Ezz Dekheila losses shrink 60% in Q1 of 2017

CAIRO – 17 July 2017: Al Ezz Dekheila Steel Company’s losses shrank 60.3 percent year-on-year to 69 million EGP ($3.8 million) in the three months which ended on March 31, 2017 from LE 174 million, a Monday statement read.

The consolidated financial results showed that net sales hiked 81.4 percent to LE 6.4 billion compared to LE 3.53 billion.

As for the standalone financial results, the company gained LE 262 million net profits in the first quarter of 2017 against LE 297 million losses incurred in the same period of the previous year.

The company’s profits leapt 205 percent in the nine months ended in March to reach LE 854 million, compared to LE 280 million in the same period of the previous year. Sales reached LE 5.27 billion, down from LE 6.315 billion in the planning budget.

The decline in the actual sales volume and average sales price per ton in the budget led to a decrease in the net sales value by LE 1.039 billion, which contributed to a fall in the actual gross profit by 36 percent, the statement said.

The Egyptian Exchange-listed firm is specialized in the manufacture and production of steel in different types and forms.