Egypt: Ataqa logs higher profits in H1-24; revenues exceed $55mln

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Cairo – Misr National Steel (Ataqa) recorded net profits amounting to EGP 535.45 million in the first half (H1) of 2024, compared to EGP 410.74 million in H1-23.

Net sales hit EGP 2.77 billion as of 30 June 2024, up year-on-year (YoY) from EGP 922.67 million, according to the financial statements.

During the first six months (6M) of 2024, the earnings per share (EPS) amounted to EGP 0.44, compared to EGP 0.34 in the year-ago period.

Total assets stood at EGP 4.10 billion at the end of June 2024, higher than EGP 2.46 billion as of 31 December 2023.

Income statements for Q2

In the second quarter (Q2) of 2024, the net profits of Ataqa increased to EGP 474.54 million from EGP 281.93 million in Q2-23.

Basic EPS jumped to EGP 0.39 in Q2-24 from EGP 0.23 a year earlier, while the revenues hiked to EGP 1.76 billion from EGP 523.16 million.

As of 31 March 2024, Ataqa posted lower net profits after tax at EGP 60.91 million, compared to EGP 128.81 million in Q1-23.