Ezz Steel's profit increased by 72.3 percent to EGP 4.12 billion in the first half of this 2022 (1H), compared to a net profit of EGP 2.39 billion in the first half of 2021.
The company's sales also increased to EGP 38.5 billion, compared to EGP 30.4 billion.
The share of the holding company's shareholders in profits has increased from EGP 1.6 billion to approximately EGP 2.6 billion.
The share of non-controlling equity in profits reached approximately EGP 1.5 billion compared to EGP 813.7 million.
As Egypt's largest producer in the first half of 2022, the company diverted some of its flexible smelting capacity at its Suez plant to maximize its rebar production, and although HRC production and exports decreased slightly, meeting the increasing domestic consumption contributed to the substitution of potential imports.
However, the company kept its commitment to supply HRC to the local market at the same level, especially in the first quarter (1Q), which saw a significant increase in the local market. Thus, the company continues to strike a balance between its export targets and its domestic liabilities.
In addition, Ezz Steel exported $514 million, including sales of $418 million in HRC and $96 million in rebar coils. On the other hand, 1H 2021 exports totaled $587 million, of which $477 million was from HRC and $110 million from wire.
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