Ezz Steel sales grow 63% in Q1

CAIRO – 18 July 2017: Al Ezz Steel Company’s sales hiked 63 percent to LE 8 billion in the first quarter of 2017 compared to LE 4.9 billion in a year-ago period, a Tuesday statement.

Sales of steel rebar and flat steel reached LE 5.3 billion and LE 2.8 billion, representing 65 percent and 34 percent of total sales, respectively.

The company incurred net losses of around LE 521 million in Q1 of 2017 compared to LE 137 million in the same period of the previous year, after deducting taxes and minority rights.

Available liquidity reached LE 4.6 billion, while net debt LE 19.7 billion so that the debt-to-equity ratio stood at 2.04x.