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Ezz Steel swings to losses in H1-23; consolidated sales hit EGP 62.26bn

Ezz Steel swings to losses in H1-23; consolidated sales hit EGP 62.26bn
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Ezz Steel
ESRS
4.82% 78.50 3.61

Cairo – Mubasher: Ezz Steel shifted to consolidated net losses after tax amounting to EGP 809.77 million in the first half (H1) of 2023, against net profit of EGP 4.12 billion in H1-22, including minority interest.

The EGX-listed firm generated sales worth EGP 62.26 billion in the January-June 2023 period, higher than EGP 38.49 billion a year earlier, according to the consolidated financial results.

Basic and diluted loss per share reached EGP 1.21 in H1-23, compared to earnings per share (EPS) valued at EGP 4.88 in H1-22.

Total consolidated asset reached EGP 88.16 billion as of 30 June 2023, up from EGP 66.21 billion at the end of 2022.

Standalone Business

Ezz Steel turned to standalone net losses after tax worth EGP 38.35 million in the first six months (6M) of 2023, versus profits of EGP 806.45 million in 6M-22.

Non-consolidated sales enlarged year-on-year (YoY) to EGP 10.80 billion as of 30 June 2023 from EGP 6.80 billion.

Meanwhile, the basic and diluted loss per share stood at EGP 0.07 in 6M-23, against a profit per share of EGP 1.49 in the year-ago period.

Financials for Q2-23

During the second quarter (Q2) of 2023, the company’s consolidated net profits plummeted to EGP 1.67 billion from EGP 2.91 billion.

The sales widened to EGP 34.41 billion in April-June 2023 from EGP 19.85 billion a year earlier, while the EPS shrank to EGP 1.91 from EGP 3.46.

As for the separate income statements, the net profits after tax hit EGP 275.73 million in Q2-23, an annual plunge from EGP 788.25 million.

Standalone sales jumped to EGP 6.23 billion in Q2-23 from EGP 3.41 billion in Q2-22, while the EPS retreated to EGP 0.51 from EGP 1.45.

In the three-month period that ended on 31 March 2023, Ezz Steel reported consolidated net losses after tax attributable to the owners valued at EGP 1.66 billion, whereas the standalone losses stood at EGP 190.96 million.