Cairo –  Ezz Steel turned to consolidated net losses after tax attributable to the owners amounting to EGP 1.66 billion in the first quarter (Q1) of 2023.

The incurred net losses were against net profits valued at EGP 758.85 million in Q1-22, according to the income statements.

Basic and diluted loss per share hit EGP 3.12 during Q1-23, versus earnings per share (EPS) worth EGP 1.42 in the year-ago period.

The sales reached EGP 27.84 billion in the January-March 2023 period, higher year-on-year (YoY) than EGP 18.64 billion.

Standalone Financial Results

During the first three months (3M) of 2023, the company also shifted to standalone net losses after tax standing at EGP 190.96 million, versus net profits worth EGP 18.20 million in the year-ago period.

Non-consolidated sales hiked to EGP 4.57 billion in Q1-23 from EGP 3.39 billion in Q1-22. Meanwhile, the loss per share stood at EGP 0.35, compared to EPS of EGP 0.03.

Last year, Ezz Steel logged consolidated net profits after tax worth EGP 6.64 billion, a rise from EGP 5.39 billion in 2021, including non-controlling equity.

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