Ezz Steel Reports Surge in Net Profit in Jan-Mar Quarter
Egypt's largest steel producer Ezz Steel has achieved EGP 1.187 billion net profits during the first three months of 2021, against net losses of EGP 1.35 billion in the year-ago period. The company's sales jumped to EGP 13.49 billion in Q1 2021 from EGP 10.78 billion in Q1-20. Earnings increased in line with increased production of flat steel, specifically hot rolled coil and exports. Ezz Steel said “With respect to flat steel, a significant development has occurred in the local market, where Ezz Steel is one of the most important suppliers: after years of local consumption hovering around 1.2 million tonnes per year, the market has expanded to 1.5 million tonnes per year, backed by increasing demand.”
As for the standalone results, the company recorded EGP 74.183 million net profits in the January-March period of 2021, versus net losses of EGP 266.883 million in the corresponding period of 2020.
The total exports of Ezz Steel jumped by 47%YoY to USD 269 million during the first quarter of 2021, compared to USD 183 million. These exports comprise USD 208 million in flat steel and USD 61 million in coiled rebar