Ezz Steel hits losses of LE 7.9B in 2019

CAIRO – 14 June 2020: Ezz Steel Company recorded consolidated losses of LE 7.9 billion during 2019, compared to losses of LE 1.02 billion in 2018, with an increase of 674.5 percent.

The company added in a statement to the Egyptian Stock Exchange (EGX), Sunday, that its sales declined to LE 45.71 billion, compared to LE 49.116 billion in 2018.

As per standalone results, the company's profits in 2019 increased to LE 2.48 billion, compared to LE 63 million in 2018.

During January-September period of 2019, the company hit losses of LE 4.32 billion, compared to losses of LE 326.05 million in the comparative period of the previous year taking into consideration the rights of the minority.

Ezz Steel operates within the Materials sector focusing on Steel. It has companies operating across Egypt, United Kingdom, Germany and Algeria.