Ezz Steel’s profits jump to EGP 6.6bn in 2022

Ezz Steel’s profits jump to EGP 6.6bn in 2022

The net profit of Ezz Steel increased by 23% to about EGP 6.6bn in 2022 compared to EGP 5.4bn during 2021.

According to the company’s business results report, which was reviewed by Daily News Egypt, the company’s net sales increased by 24% to EGP 83.9bn in 2022, compared to EGP 67.8bn in 2021.

The company’s exports declined to $797m in 2022 from $1.3bn in 2021.

In the business results report, the company explained the decline in export sales to an increase in the demand for iron locally, which made the company resort to filling the local need at the expense of exports.

It added that the domestic consumption of reinforcing steel grew over the past year by 8% to record 7.8 billion tonnes, compared to 7.3 billion tonnes in 2021.

It revealed that the company is seeking during the current year to increase its exports to provide dollar liquidity that suffices its import needs of raw materials and general materials that go into the production process.

The company added that the Central Bank of Egypt raised interest rates more than once to keep pace with global changes, expecting that the greatest impact of the high interest rate environment will be reflected in the company’s income statement