Cairo – Mubasher: Misr National Steel (Ataqa) reported net profits of EGP 13.7 million in the first quarter of 2020, down by 52% year-on-year (YoY) from EGP 28.5 million.

Meanwhile, the company’s sales increased to EGP 759 million in Q1-20 from EGP 508.2 million in Q1-19, according to a bourse disclosure on Sunday.

On the other hand, the cost of sales rose to EGP 746.4 million in the January-March period, compared to EGP 497.7 million in the corresponding period a year earlier.

It is worth mentioning that in 2019, Ataqa’s net profits plunged to EGP 13.8 million from EGP 174.91 million in 2018.