Ezz Steel reports losses

Ezz Steel Company recorded a consolidated loss of EGP 7.9 billion in 2019, compared with a loss of EGP 1.02 billion in 2018, an increase of 674.5 percent. Its sales dropped to 45.71 billion EGP, down from 49.116 billion EGP in 2018. According to separate results, the company's profit in 2019 increased to 2.48 billion EGP, up from 63 million EGP in 2018.

From January to September 2019, the company had losses of EGP 4.32 billion, compared with a loss of EGP 326.05 in the prior year comparative period, taking into account minority rights.

Ezz Steel operates in the materials sector with a focus on steel. He has companies operating in Egypt, UK, Germany and Algeria.