The profits of Ezz Steel increased by 72.3% in the first half (1H) of this 2022 to reach EGP 4.12bn compared to a net profit of EGP 2.39bn in 1H 2021.
The company’s sales also increased to EGP 38.5bn, compared to EGP 30.4bn.
The share of the holding company’s shareholders in the profits amounted to about EGP 2.6bn, up from EGP 1.6bn.
The share of non-controlling equity in profits amounted to about EGP 1.5bn, compared to EGP 813.7m.
During 1H 2022, the company — which is the largest producer in Egypt — directed part of the flexible smelting capacity in the Suez factory to maximise the production of rebar, and although the production and exports of HRC decreased somewhat in return, meeting the increasing domestic consumption contributed to replacing potential imports.
However, the company maintained the same level of commitment to providing HRC to the local market, especially during the first quarter (1Q), which witnessed a significant increase in the local market. Thus, the company continues to strike a balance between its export objectives and its domestic obligations.
Furthermore, Ezz Steel generated exports of $514m, including sales of HRC of $418m and sales of rebar coils of $96m. On the other hand, 1H 2021’s exports were $587m divided into $477m from HRC and $110m from wires.
