Cairo: Al Ezz Dekheila Steel – Alexandria on Monday reported it has turned profitable in the first quarter of 2018 due to higher sales.

Consolidated profits surged to EGP 431.7 million during the three-month period ended last March, versus EGP 68.8 million in Q1-17, the company said in a filing to the Egyptian Exchange (EGX).

Sales grew to EGP 1.3 billion in Q1-18 from EGP 414.5 million in the prior-year period.

Meanwhile, standalone profits rose to EGP 71.3 million in Q1-18 from EGP 262.2 million in Q1-17.

Al Ezz Dekheila Steel had previously reported profits of EGP 362.4 million for the full-year ended December 2017, against EGP 1.3 billion in the year before, including minority shareholders’ rights.

The company board had also recommended distributing cash dividends of EGP 668.2 million for 2017.

Source: Mubasher

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