Ezz Steel Q1 Net Profit 292% Up

Egypt’s largest steel producer, Ezz Steel  (ESRS.CA) reported a net profit of EGP 63.183 million during the first quarter of 2012, 292% higher than a year earlier net profit of EGP 16.126 million.

Net sales rose to EGP 5.194 billion during Q1/2012, compared to EGP 4.387 billion during Q1/2011.  Gross profit – after excluding the cost of sales – fell to EGP 475.124 million, compared to EGP 562.643 million.

Shareholders’ equity from Q1/2012 earnings reached EGP 18.144 million, compared to Q1/2011 losses of EGP 10.4 million.  Minority interest from Q1/2012 earnings hit EGP 45.039 million, compared to EGP 26.526 million a year earlier.

Basic earnings per share for Q1/2012 reached EGP 0.03, compared to losses of EGP 0.02 for Q1/2011.

Moreover, standalone business results for Q1/2012 revealed a net profit of EGP 6.339 million, compared to a net loss of EGP 25.025 million during Q1/2011.

Chairman Paul Chekaiban said he expected the company to maintain a “strong operational performance” in 2012 after achieving record sales volumes in the first quarter.