Egypt’s Ezz Steel Q3 profits surge by 551%

Egypt’s largest steel producer Ezz Steel reported Wednesday a 551 percent increase in its profits to reach 318.4 million Egyptian pounds ($17.8 million) during the three months ended in September 2017.

Earlier, profits stood at 48.9 million pounds during the three months ended in September 2016.

Sales rose to 9.8 billion pounds, compared with 4.2 billion pounds last year.

During the first nine months of 2017, the company turned into profitability, achieving profits of 239.5 million pounds versus losses of 506.7 million pounds during the same period a year ago.

The company made standalone profits worth 1.4 billion pounds during the first nine months of the year higher from 218.09 million pounds in the same period of 2016.