Cairo – Mubasher: Ezz Steel incurred consolidated net losses of EGP 4.68 billion in 2020, down by 42.2% year-on-year (YoY) from EGP 8.11 billion, including minority shareholders’ rights.

The losses attributable to the parent company’s shareholders narrowed to EGP 3.119 billion last year from EGP 6.3 billion a year earlier, while the losses attributable to minority interests declined to EGP 1.56 billion from EGP 1.8 billion, the company said in a bourse disclosure on Sunday.

The sales retreated to EGP 38.62 billion in 2020, compared to EGP 45.71 billion in 2019.

As for standalone business, the steel manufacturer suffered net losses of EGP 563.67 million last year, down from EGP 2.48 billion in 2019.

During the first nine months of 2020, Ezz Steel recorded net losses of EGP 4.11 billion, down by 4.8% from EGP 4.321 billion in the corresponding period a year earlier, including minority shareholders’ rights.