{"id":633243,"date":"2024-07-10T00:00:00","date_gmt":"2024-07-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/10\/ezz-steel-finishes-1q-2024-in-the-green-following-2023-losses\/"},"modified":"2024-07-10T00:00:00","modified_gmt":"2024-07-10T00:00:00","slug":"ezz-steel-finishes-1q-2024-in-the-green-following-2023-losses","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/10\/ezz-steel-finishes-1q-2024-in-the-green-following-2023-losses\/","title":{"rendered":"Ezz Steel finishes 1Q 2024 in the green following 2023 losses"},"content":{"rendered":"

Bottom line back in the green:<\/strong> Local steel manufacturer Ezz Steel posted a net income of EGP 1.3 bn in 1Q 2024, up from a net loss of some EGP 2.5 bn in the same three-month period last year, according to a financial statement (pdf)<\/a> from the company. <\/p>\n

Revenues are also up:<\/strong> The company\u2019s EGP-denominated revenues were up 80.0% y-o-y to EGP 50.2 bn in the quarter. However, in USD terms, revenues recorded a 15.7% y-o-y increase to USD 1.0 bn as steel on the back of exchange rate fluctuations following the devaluation of the pound after the float of the EGP at the beginning of March.<\/p>\n

Exports still on the rise:<\/strong> Exports were up 43.9% y-o-y in 1Q 2024 to USD 410, driven by hot rolled coil steel exports that were up 101.5% y-o-y and accounted for 66.8% of all exports.<\/p>\n

Remember:<\/strong> Ezz Steel closed 2023 in the red, posting a net loss of of EGP 717 mn<\/a> 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. In the first quarter of 2024, the company\u2019s FX losses amounted to only EGP 255 mn, down from (pdf)<\/a> EGP 8.9 bn in 1Q 2023.<\/p>\n

Looking ahead: <\/strong>\u201cIn the medium term, the successful flotation of the Egyptian pound on 6 March, 2024, the new economic measures adopted, and the implementation of the new building legislations are still expected to spur growth and increase consumption. However, on the short term, lack of liquidity and higher costs due to inflation act as a drag on demand,\u201d the company said in comments on its release<\/a> on the LSE. <\/p>\n","protected":false},"excerpt":{"rendered":"

Revenues were up 80% y-o-y during the period<\/p>\n","protected":false},"author":1,"featured_media":633244,"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":[7208],"tags":[409,72,589,2234,131],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-633243","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-enterpriseam","tag-ezz-steel","tag-foreign-exchange","tag-manufacturing","wpautop","entry"],"acf":{"mongo_id":"47e88006-d778-40a3-aa8f-424077bff9cf","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/815.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Ezz Steel finishes 1Q 2024 in the green following 2023 losses","related_issue":[633229],"teaser":"Revenues were up 80% y-o-y during the period","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.cef7ae88-efee-41cf-ab72-bb00da33ffef.mp3"},"yoast_head":"\nEzz Steel finishes 1Q 2024 in the green following 2023 losses - 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The company\u2019s revenues climbed 48% y-o-y to EGP 14 bn during the quarter.MM Group for Industry and International Trade\u2019s net income rose 201.7% y-o-y to EGP\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":545102,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/03\/earnings-watch-telecom-egypt-ezz-steel\/","url_meta":{"origin":633243,"position":1},"title":"Earnings watch: Telecom Egypt, Ezz Steel","author":"enterpriseam admin","date":"3 March 2022","format":false,"excerpt":"EARNINGS WATCH- Telecom Egypt recorded a net income of EGP 8.4 bn in FY2021, up 75% y-o-y, according to the company\u2019s financials (pdf) out today. 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Pre-tax profits rose to USD 191 mn during the\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":554827,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/15\/earnings-season-still-going-strong-ezz-steel-ode-amoc-prime-holding-rcc-and-b-investments-report-results\/","url_meta":{"origin":633243,"position":3},"title":"Earnings season still going strong: Ezz Steel, ODE, AMOC, Prime Holding, RCC, and B Investments report results","author":"enterpriseam admin","date":"15 November 2021","format":false,"excerpt":"Ezz Steel posted a net income of EGP 1.4 bn in 3Q2021, after seeing a loss of EGP 1.3 bn in the third quarter of last year, according to the company\u2019s consolidated financials (pdf). Revenues also rose to EGP 18.6 bn in the third quarter, compared with EGP 8.6 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":551249,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/05\/earnings-watch-ezz-steel-mopco\/","url_meta":{"origin":633243,"position":4},"title":"Earnings watch: Ezz Steel, Mopco","author":"enterpriseam admin","date":"5 June 2022","format":false,"excerpt":"EARNINGS WATCH- Ezz Steel\u2019s bottom line rose 2.4% y-o-y in 1Q2022 to reach EGP 1.22 bn, according to the company\u2019s financials (pdf). 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":587506,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/28\/what-the-markets-are-doing-on-28-may-2023\/","url_meta":{"origin":633243,"position":5},"title":"What the markets are doing on 28 May, 2023","author":"enterpriseam admin","date":"28 May 2023","format":false,"excerpt":"EARNINGS WATCH-Talaat Moustafa Group reported around EGP 747.5 mn in net income in 1Q 2023, up about 32% y-o-y, according to an EGX disclosure (pdf). The company\u2019s revenues during the quarter came in at roughly EGP 4.44 bn, about 47% up y-o-y.Alexandria Container and Cargo Handling company reported EGP 3.2\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/633243","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=633243"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/633243\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/633229"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/633244"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=633243"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=633243"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=633243"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=633243"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=633243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}