Ezz Steel has lost 2.19 billion pounds since June 2022

Ezz Steel Company suffered unexpected losses for the group companies as a result of the liberalization of the pound rates against the dollar and foreign currencies.

The combined losses of Ezz Steel Company

Ezz Steel Company, the largest iron production company in Egypt, stated in a statement that the combined losses of Ezz Steel Company in the second half of this year until the end of the working day of October 27 will reach about 2.19 billion pounds, while the Ezz Dekheila Steel Company - Alexandria will incur about EGP 2.19 billion. About 1.88 billion pounds.

The company attributed these losses mainly to dollar commitments based on companies, which increased during the recent period as a result of covering import operations in dollars.

2021 Earnings

It is noteworthy that Ezz Steel achieved profits of 4.12 billion pounds during the period from January to the end of last June, compared to profits of 2.39 billion pounds in the first half of 2021, taking into account minority rights.

The share of the holding company’s shareholders in the half-profit amounted to about 2.6 billion pounds, compared to 1.58 billion pounds during the same period in 2021.

Ezz Steel's performance in 2021

On a related level, the share of non-controlling interests in profits during the period amounted to about 1.52 billion pounds at the end of June 2022, compared to 813.7 million pounds during the comparable period from 2021.

The company's sales rose during the first six months of this year to 38.49 billion pounds, compared to 30.41 billion pounds in the first half of last year.

At the level of non-consolidated businesses, the profits of the independent company jumped to 806.45 million pounds during the first half of this year, compared to profits of 156.23 million pounds in the first half of 2021.