Egypt's Al Ezz Dekheila Steel's loss balloons 83% in H1-20

The steel manufacturer generated $970mln in sales


Cairo –  The net losses of Al Ezz Dekheila Steel – Alexandria widened by 83% year-on-year (YoY) to EGP 2.303 billion during the first half (H1) of 2020, compared to EGP 1.25 billion, including minority shareholders’ rights.

The steel manufacturer generated EGP 15.29 billion in sales in the January-June period, down from EGP 21.7 billion in the corresponding period a year earlier, according to a bourse disclosure on Monday.

As for standalone business, the company suffered net losses of EGP 672.75 million in H1-20, up from EGP 29.64 million in H1-19.

During the first three months of the year, the company’s net losses increased to EGP 1.08 billion from EGP 611.02 million in the prior-year period, including minority shareholders’ rights.

Source: Mubasher

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