Egypt: Ataqa’s net profits leap in Q1-23 results

Reuters Images/Amr Abdallah Dalsh

The sales plunged to $12.9 million during Q1-23

Staff Writer, Mubasher

May 29, 2023

PHOTO

The net profits after tax of Misr National Steel (Ataqa) amounted to EGP 128.81 million in the first quarter (Q1) of 2023, compared to EGP 67.95 million in Q1-22.

The sales plunged to EGP 399.50 million during Q1-23 from EGP 875.94 million in the year-ago period, according to the financial results.

Earnings per share (EPS) hit EGP 0.10 in the first three months (3M) of 2023, versus EGP 0.05 in 3M-22.

Meanwhile, the company’s total assets reached EGP 2.09 billion in Q1-23, higher than EGP 1.79 billion as of 31 December 2022.

Last year, Ataqa logged net profits after tax valued at EGP 234.72 million, up from EGP 100.44 million in the 12-month period that ended on 31 December 2021.

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