Cairo – Mubasher: The unaudited consolidated financial results of Ezz Steel showed a 674.5% year-on-year increase (YoY) in its net losses to EGP 7.9 billion in 2019 from EGP 1.02 billion.

The steel manufacturer generated EGP 45.71 billion in sales last year, down from EGP 49.116 billion in 2018, according to a bourse disclosure on Sunday.

As for standalone business, Ezz Steel reported net profit of EGP 2.48 billion in 2019, compared to EGP 63 million in the prior year.

It is worth mentioning that in the first nine months of 2019, the Egyptian company incurred net losses of EGP 4.32 billion, compared to EGP 326.05 million in the year-ago period, including minority shareholders’ rights.