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Ezz Steel swings to consolidated loss in 2023

Ezz Steel swings to consolidated loss in 2023
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Ezz Steel
ESRS
2.09% 81.70 1.67

Cairo – Mubasher: Ezz Steel turned to a consolidated loss during 2023, recording a net loss after tax of EGP 716.53 million, compared to a net profit of EGP 6.64 billion a year earlier.

Consolidated net sales surged to EGP 142.91 billion last year from EGP 83.98 million in 2022, according to annual financial statements.

However, the cost of sales jumped to EGP 103.60 billion in 2023 from EGP 65.20 billion the year before.

Ezz Steel reported basic and diluted loss per share of EGP 0.21 last year, versus earnings per share  (EPS) of EGP 7.98 in 2022.

Standalone Results

The company’s standalone net profit after tax declined to EGP 1 billion in 2023 from EGP 1.05 billion a year earlier.

Net sales soared to EGP 27.63 billion last year from EGP 16.66 billion in 2022.

During the first half (H1) of 2023, Ezz Steel shifted to consolidated net losses after tax valued at EGP 809.77 million, compared to net profit worth EGP 4.12 billion in H1-22.