Egypt’s Ezz Steel posts 72% fall in 2017 profits

Egypt’s largest steel producer Ezz Steel reported Sunday a 72 percent decline in its profits to reach 362.4 million Egyptian pounds ($20.5 million) during 2017 from 1.3 billion pounds during 2016.

Sales increased to 34.37 billion pounds during last year, compared with 16.9 billion pounds a year earlier.

During the financial year 2016/2017, standalone profits jumped to 2.2 billion pounds from 97 million pounds in 2016.