In a surprising turn of events, Ezz Steel Company, a major player in the Egyptian steel industry, reported substantial losses for the fiscal year 2023. The company’s net income plummeted to 716.53 million Egyptian pounds, a stark contrast to the robust profits it had achieved in the previous year.
Ezz steel attributes this downturn primarily to adverse currency fluctuations, marking a stark departure from its previous financial performance.
Ezz Steel’s financial woes were primarily driven by significant losses resulting from currency differences. The company faced headwinds due to fluctuations in exchange rates, amounting to 30.9 billion pounds.
Despite the challenging environment, Ezz Steel managed to boost its sales. Total consolidated net sales surged to 142.91 billion pounds in 2023, up from 83.98 billion pounds in 2022.
On an unconsolidated basis, the independent company’s profits declined slightly to 1 billion pounds in 2023, compared to 1.056 billion pounds in the previous year.
Comments
No comment yet.