Cairo – Mubasher: The Egyptian Iron and Steel (Hadisolb) approved its estimated budget for fiscal year 2020/2021.

The steel manufacturer aims to reduce its losses to EGP 275.57 million in the coming fiscal year, compared to estimated losses of EGP 1.01 billion in FY19/20, according to a bourse disclosure on Tuesday.

In addition, Hadisolb plans to inject EGP 50 million in new investments for renovation and replacement processes.

Hadisolb also targets revenues of EGP 1.84 billion in FY20/21, up from EGP 1.16 billion in FY19/20.

It is noteworthy to mention that during the first eight months of FY19/20, the steel manufacturer generated EGP 433.449 million in local sales, compared to EGP 821.13 million in the year-ago period.

During the first nine months of FY19/20, Hadisolb’s revenues reached EGP 731.65 million.