Cairo - Mubasher: Al Ezz Dekheila Steel – Alexandria said that profits hiked 551% year-on-year in the third quarter of 2017 on the back of high sales, the company's consolidated statement showed.

Profits amounted to EGP 318.4 million during the first three months ended in September, from EGP 48.9 million a year earlier, according to a bourse filing on Wednesday.

Sales of Al Ezz Dekheila Steel increased to EGP 9.8 billion in July-September period from EGP 4.2 billion in the same period last year, the statement added.

The company posted EGP 239.5 million profits during the first nine months of 2017, against a loss of EGP 506.7 million in the same period a year earlier.

Ezz turned profitable during January to September 2017, generating EGP 1.4 billion profits versus a loss of EGP 218.09 million in the same period last year, according to the company's standalone results.