{"id":566399,"date":"2021-06-16T14:00:26","date_gmt":"2021-06-16T14:00:26","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/16\/ezz-steel-finally-turns-profitable-and-in-a-big-way-pioneers-to-soon-finalize-split\/"},"modified":"2021-06-16T14:00:26","modified_gmt":"2021-06-16T14:00:26","slug":"ezz-steel-finally-turns-profitable-and-in-a-big-way-pioneers-to-soon-finalize-split","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/16\/ezz-steel-finally-turns-profitable-and-in-a-big-way-pioneers-to-soon-finalize-split\/","title":{"rendered":"Ezz Steel finally turns profitable (and in a big way) + Pioneers to soon finalize split"},"content":{"rendered":"

<\/a> EARNINGS WATCH- Ezz Steel reverses loss in 1Q2021: <\/strong>Ezz Steel reported a record consolidated profit of EGP 1.2 bn in the first quarter of the year, reversing an EGP 1.35 bn loss in the same quarter last year, according to financial statements (pdf)<\/a> it released today. This came as revenues climbed 25% y-o-y to EGP 13.5 bn. Ezz Steel has been consistently in the red for the better part of the previous decade.<\/p>\n

Impressive turnaround: <\/strong>The steel giant\u2019s performance was substantially above market expectations, says Mohamed Magdi, a vice president at Beltone\u2019s research arm, who says Ezz\u2019s performance got a boost from the commodities boom that is now underway as the covid-19 pandemic starts to subside. The boom has taken iron ore and scrap raw material prices to record highs in a way that increased Ezz Steel\u2019s commodity-product spread<\/a>, he adds. Magdi expects a solid performance from the company this year, saying Ezz Steel already had a stock of raw materials purchased at lower prices, which suggests it managed to significantly raise its spread. But this might soften when the cycle normalizes and average input costs rise.<\/p>\n

EG Bank posted consolidated net profits of EGP 157 mn in 1Q2021<\/strong>, up 4% from the same quarter last year, according to financial statements (pdf)<\/a> released today. Interest income declined to EGP 1.8 bn in 1Q2021 from EGP 1.92 bn in 1Q2020.<\/p>\n

State-owned Misr Fertilizers Production Company (Mopco) reported 48.5% y-o-y <\/strong>growth in its bottomline to EGP 792.67 mn in 1Q2021<\/strong>, according to the company\u2019s quarterly financials (pdf)<\/a>. Revenues also rose to almost EGP 2 bn in 1Q2021, compared to EGP 1.8 bn in the same quarter of 2020.<\/p>\n

Glaxo-Smith Kline saw its profits plunge to EGP 2.7 mn in 1Q2021, compared to <\/strong>EGP 33.15 mn in the same quarter of 2020<\/strong>, according to its quarterly financials (pdf)<\/a>. Revenues also dropped to EGP 319.92 mn during the quarter, compared to EGP 433.97 mn in 1Q2020.<\/p>\n

MARKET NEWS-<\/strong><\/p>\n

Pioneers Holding\u2019s plan<\/a><\/strong> to split into three separate companies was greenlit by its <\/strong>board of directors,<\/strong> the company said in a regulatory filing (pdf)<\/a>. The board agreed that the split will take the structure of a \u201cvertical spin-off,\u201d which involves keeping Pioneers Holding as the parent company and financial services arm and splitting its real estate and industrial investment businesses into subsidiaries \u2014 Pioneers Properties and Gadwa Industrial Developments. The split, announced in 2019<\/a>, means Pioneers will soon be trading on the EGX under three separate tickers<\/a>. The company previously said it aims to use this as a way to expand into new businesses while improving its focus on core activities.<\/p>\n

The EGX30 fell 0.1% at today\u2019s close<\/strong> on turnover of EGP 1.25 bn (2% below the 90-day average). Foreign investors were net sellers. The index is down 8.9% YTD.<\/p>\n

In the green: <\/strong>Ezz Steel (+12.0%), Sidi Kerir Petrochemicals (+4.3%) and GB Auto (+2.2%).<\/p>\n

In the red: <\/strong>TMG Holding (-2.9%), Qalaa Holdings (-2.5%) and Orascom Financial Holding (-1.6%).<\/p>\n","protected":false},"excerpt":{"rendered":"

EARNINGS WATCH- Ezz Steel reverses loss in 1Q2021: Ezz Steel reported a record consolidated profit of EGP 1.2 bn in the first quarter of the year, reversing an EGP 1.35 bn loss in the same quarter last year, according to financial statements (pdf) it released today. This came as revenues climbed 25% y-o-y to EGP […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7219],"tags":[204,130,409,1166,633,589,503,642,125,131,1434,3307],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-566399","post","type-post","status-publish","format-standard","hentry","category-go-with-the-flow","tag-banking","tag-construction","tag-earnings-watch","tag-eg-bank","tag-enterprisepm","tag-ezz-steel","tag-financial-services","tag-go-with-the-flow","tag-investment-watch","tag-manufacturing","tag-mopco","tag-pioneers-holding","wpautop","entry"],"acf":{"mongo_id":"9670a0ff-7a55-43cb-bf31-2b3ad748cb4e","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[566386],"teaser":"","voice_url":""},"yoast_head":"\nEzz Steel finally turns profitable (and in a big way) + Pioneers to soon finalize split - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/16\/ezz-steel-finally-turns-profitable-and-in-a-big-way-pioneers-to-soon-finalize-split\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ezz Steel finally turns profitable (and in a big way) + Pioneers to soon finalize split\" \/>\n<meta property=\"og:description\" content=\"EARNINGS WATCH- Ezz Steel reverses loss in 1Q2021: Ezz Steel reported a record consolidated profit of EGP 1.2 bn in the first quarter of the year, reversing an EGP 1.35 bn loss in the same quarter last year, according to financial statements (pdf) it released today. 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The metal producer saw its revenues increase 38.1% y-o-y to EGP 18.64 bn.Misr Fertilizers Production Company (Mopco)\u2019s bottom line rose 163.5% y-o-y in 1Q2022 to EGP 2.09 bn,\u2026","rel":"","context":"In "GO WITH THE FLOW"","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":593915,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/14\/earnings-watch-ezz-steel-reports-1h-2019-results\/","url_meta":{"origin":566399,"position":3},"title":"Earnings watch: Ezz Steel reports 1H 2019 results","author":"enterpriseam admin","date":"14 October 2019","format":false,"excerpt":"EARNINGS WATCH- Ezz Steel has reported a consolidated net loss of EGP 2.47 bn in 1H 2019, compared to a EGP 148.5 mn profit during the same period the previous year, according to the company\u2019s financial statement (pdf). Top line net sales increased marginally y-o-y, recording EGP 25.9 bn during\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":648753,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/11\/earnings-watch-ezz-steel-releases-fy2016-results\/","url_meta":{"origin":566399,"position":4},"title":"Earnings watch: Ezz Steel releases FY2016 results","author":"enterpriseam admin","date":"11 April 2017","format":false,"excerpt":"EARNINGS WATCH- Al Ezz Dekheila Steel reported a net profit of EGP 91 mn in 2016, compared with a net loss of EGP 263 mn in 2015, according to filing with the EGX. The company\u2019s sales grew 26.9% in 2016 to EGP 13.51 bn. 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