Ezz Steel’s bottom line jumps 380% y-o-y to EGP 2.28 bn in 1H 2024: EGX- and LSE-listed Ezz Steel saw its consolidated net profits rise just over 380.0% y-o-y to EGP 2.28 bn, up from losses of EGP 809.7 mn in 1H 2023, according to the company’s London Stock Exchange filing. The company also saw its topline increase 62.9% y-o-y to just under EGP 101.7 bn, up from EGP 62.3 bn in the same period last year.

Exports held steady: The company saw exports inch up 3.5% y-o-y to USD 822 mn, with hot-rolled coil steel making up around 66% of total exports at USD 544 mn at and the remainder consisting of reinforcing steel and making up USD 278 mn.

The company weathered some big FX losses in 1H 2024: FX losses in the first half of the year amounted to some EGP 1.3 bn, according to the company’s statement. However, this a big improvement from the EGP 13.1 bn in FX losses that company dealt with in the first half of 2023, according to company’s financial’s for the period (pdf)

Remember- Ezz Steel is having a much better year than 2023: Ezz Steel closed 2023 in the red, posting a net loss of of EGP 717 mn for the year despite a 70% y-o-y jump in revenues, as the FX crisis that persisted until earlier this year contributed to FX exchange losses for the steel maker and domestic demand dropped. However, the comp

Ezz Steel also weighed in on the EU’s recently announced anti-dumping proceedings on imports of hot-rolled flat steel originating in Egypt, India, Japan, and Vietnam, saying that “Ezz Steel emphasizes its commitment to fair trade, and its full compliance with the trade principles stipulated by the WTO,” adding that the company “will fully cooperate with the EU investigation authority, provide all the data required, and submit its defences and arguments to protect its and the Egyptian industry’s interests.”

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