In June 2023, Iron and Steel for Mines and Quarries Co. in Egypt reported a significant achievement with sales amounting to EGP 28.6 million. These sales were attributed to their successful collaboration with mining companies, marking a positive development for the nation's industrial sector.
In June 2023, the Iron and Steel for Mines and Quarries Co. disclosed specific sales figures for two key sectors,
The Bahariya Oasis mines recorded sales totaling EGP 28.6 million, highlighting their significant contribution to the company's revenue. Additionally, the Bani Khaled quarries in Samalut also contributed with sales valued at approximately EGP 34.91 thousand. These results reflect the company's diversified operations and its positive impact on the Egyptian mining and quarrying industries.
The Iron and Steel for Mines and Quarries Co. demonstrated substantial financial growth during the period from July to the end of last March. The company's profits after taxes soared to EGP 97.76 million, a remarkable increase compared to EGP 22.97 million in the corresponding period. This surge in profits can be attributed to the significant rise in revenues, which reached EGP 217.5 million during the same period, compared to EGP 82.78 million in the comparative timeframe. The Iron and Steel Company approved its budget for the fiscal year 2023-2024. The budget targets a net profit of EGP 145.4 million during this period.