Cairo – Mubasher: The unaudited consolidated financial results of Ezz Steel showed a 674.5% year-on-year increase (YoY) in its net losses to EGP 7.9 billion in 2019 from EGP 1.02 billion.

The steel manufacturer generated EGP 45.71 billion in sales last year, down from EGP 49.116 billion in 2018, according to a bourse disclosure on Sunday.

As for standalone business, Ezz Steel reported net profit of EGP 2.48 billion in 2019, compared to EGP 63 million in the prior year.

It is worth mentioning that in the first nine months of 2019, the Egyptian company incurred net losses of EGP 4.32 billion, compared to EGP 326.05 million in the year-ago period, including minority shareholders’ rights.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.