Egypt: Ezz Steel moves to losses in Q1

Ezz Steel (ESRS) incurred consolidated net losses after tax of EGP 2.489 billion in the first quarter (Q1) of 2023, compared to net profits of EGP 1.217 billion over the same quarter of 2022, as per the emailed financial results release.

Loss per share amounted to EGP 3.12 in the three months to March 31st, versus earnings per share of EGP 1.42 in Q1 2022.

The firm’s net sales amounted to EGP 27.849 billion during the January-March period of the current year, up from EGP 18.641 billion in the same period a year earlier.

Ezz Steel is an Egypt-based manufacturer and trader of steel and related products. Together with its subsidiaries, the company is engaged in the manufacture, trade, and distribution of iron and steel products of all kinds and associated services.