{"id":643625,"date":"2024-09-11T00:00:00","date_gmt":"2024-09-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/11\/ezz-steel-sees-bottom-line-jump-fourfold-in-the-first-half-of-the-year\/"},"modified":"2024-09-11T00:00:00","modified_gmt":"2024-09-11T00:00:00","slug":"ezz-steel-sees-bottom-line-jump-fourfold-in-the-first-half-of-the-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/11\/ezz-steel-sees-bottom-line-jump-fourfold-in-the-first-half-of-the-year\/","title":{"rendered":"Ezz Steel sees bottom line jump fourfold in the first half of the year"},"content":{"rendered":"

Ezz Steel\u2019s bottom line jumps 380% y-o-y to EGP 2.28 bn in 1H 2024: <\/strong>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\u2019s London Stock Exchange filing<\/a>. 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.<\/p>\n

Exports held steady: <\/strong>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. <\/p>\n

The company weathered some big FX losses in 1H 2024: <\/strong>FX losses in the first half of the year amounted to some EGP 1.3 bn, according to the company\u2019s 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\u2019s financial\u2019s for the period (pdf)<\/a> <\/p>\n

Remember- Ezz Steel is having a much better year than 2023: <\/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. However, the comp<\/p>\n

Ezz Steel also weighed in on the EU\u2019s recently announced <\/strong>anti-dumping proceedings<\/a><\/strong> on imports of hot-rolled flat steel originating in Egypt, India, Japan, and Vietnam, saying that \u201cEzz Steel emphasizes its commitment to fair trade, and its full compliance with the trade principles stipulated by the WTO,\u201d adding that the company \u201cwill 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\u2019s interests.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The company also responded to the EU\u2019s anti-dumping probe<\/p>\n","protected":false},"author":1,"featured_media":643626,"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":[317,409,72,589,131],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-643625","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-commodities","tag-earnings-watch","tag-enterpriseam","tag-ezz-steel","tag-manufacturing","wpautop","entry"],"acf":{"mongo_id":"17059a4a-5068-4d57-afe3-6c67549360c4","order":"7","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 sees net profits jump fourfold in the first half of the year","related_issue":[643613],"teaser":"The company also responded to the EU\u2019s anti-dumping probe","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.ca59a372-b2e2-4da8-ba13-2954d25ee892.mp3"},"yoast_head":"\nEzz Steel sees bottom line jump fourfold in the first half of the year - 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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":551249,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/05\/earnings-watch-ezz-steel-mopco\/","url_meta":{"origin":643625,"position":1},"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":545102,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/03\/earnings-watch-telecom-egypt-ezz-steel\/","url_meta":{"origin":643625,"position":2},"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. Revenues also rose 16% y-o-y to EGP 37.1 bn in FY2021.Ezz Steel\u2019s bottom line turned positive in FY2021 reaching EGP 5.4 bn, compared to a\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":633243,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/10\/ezz-steel-finishes-1q-2024-in-the-green-following-2023-losses\/","url_meta":{"origin":643625,"position":3},"title":"Ezz Steel finishes 1Q 2024 in the green following 2023 losses","author":"enterpriseam admin","date":"10 July 2024","format":false,"excerpt":"Revenues were up 80% y-o-y during the period","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/815.jpg?fit=%2C&ssl=1&resize=350%2C200","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":643625,"position":4},"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":573438,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/05\/earnings-watch-centamin-mining-ezz-steel-juhayna-amer-group-mnhd-erc\/","url_meta":{"origin":643625,"position":5},"title":"Earnings Watch: Centamin Mining, Ezz Steel, Juhayna, Amer Group, MNHD, ERC","author":"enterpriseam admin","date":"5 August 2020","format":false,"excerpt":"EARNINGS WATCH- Centamin Mining pre-tax profits surge on rising gold prices, higher production: Centamin Mining\u2019s pre-tax profits soared by 221% during the first half of the year as the company ramped up production from its Sukari mine and gold prices rose. 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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/643625","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=643625"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/643625\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/643613"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/643626"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=643625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=643625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=643625"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=643625"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=643625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}