Ezz Steel's consolidated financial statements showed a net loss of over EGP 4 billion in the first nine months of last year (9M). The company's loss increased to EGP 4,321 billion in 9M 2019 compared to EGP 326.1 million in the same period 2018.
The company's sales decreased 6% to EGP 35,258 billion in 9M 2019, compared to EGP 37,446 billion in the benchmark period. Ezz Steel's rebar sales totaled EGP 26.8 billion, representing 76% of total sales. In addition, the company's flat steel sales reached EGP 8 billion, accounting for 23% of sales. Flat steel exports accounted for 50% of the company's total sales.
Rebar sales volume was recorded as 2.66 million tons in 9M 2019, rising approximately 9% compared to 2.44 million tons in the comparison period. In 9M 2019, flat steel sales volume decreased by approximately 17% to 813,000 tons.
Ezz Steel's total profit also decreased to EGP 528.6 million, compared to EGP 4.64 billion in the comparison period.
Cost of sales increased from EGP 32.8 billion in the same period of 2018 to EGP 34.7 billion in 9M 2019.
Collective indicators at the production level showed that rebar production increased by approximately 1% to 2.55 million tons in 9M 2019 compared to 2.5 million tons in the comparison period.
Flat steel production decreased by 19% to 888,000 tons at the end of September 2019, compared to 1.1 million tons in the comparable period.
The company stated that current liquidity is approximately EGP 1.64 billion, while net debt reaches EGP 28.9 billion.
Regarding the results of the third quarter (3Q) of 2019, Ezz Steel recorded a loss of EGP 1.9 billion in 9M 2019 compared to EGP 474.6 million in the comparable period. In 2018, the company's sales decreased to EGP 9.4 billion in Q3 2019 compared to EGP 11,953 billion in the comparable period in 2018.
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