Cairo – Mubasher: Al Ezz Dekheila Steel – Alexandria on Sunday reported a 72% year-on-year decline in profits for 2017.

Net profit amounted to EGP 362.4 million last year from EGP 1.3 billion in 2016, including minority shareholders’ rights, the company said in a filing to the Egyptian Exchange (EGX).

Sales grew to EGP 34.37 billion in 2017, versus EGP 16.9 billion a year earlier.

The Egyptian iron firm’s financing cost increased to EGP 1.83 billion in 2017, up from EGP 1.06 billion in 2016.

The financial indicators of Al Ezz Dekheila Steel previously showed an EGP 2.2 billion in standalone profits for 2017, against profits of EGP 97 million a year earlier.