Egypt’s Ezz Steel nine-month profits jump 316%

Egypt’s largest steel producer Ezz Steel reported on Tusday a 316 percent rise in its nine-month profits to 996.5 million Egyptian pounds ($55.6 million).

Profits earlier stood at 239.5 million pounds during the first nine months of 2017.

Sales recorded 30.9 billion pounds at the end of September, up from 24.3 billion pounds last year, the company’s financial statements showed on Tuesday.

During the third quarter of this year, profits fell to 93.5 million pounds from 318.4 million pounds during the same period in 2017.

Standalone profits after tax increased to 2.27 billion pounds during the January-September 2018 period, compared with 1.4 billion pounds during the same period in 2017.