Source - SMW
ezzsteel's net sales rose by 97% to EGP29,353m in the nine months to the end of September.

EBITA increased by 95% to EGP2,716m but net losses after ax and minority interest increased to EGP1,386m from EGP564m.

Chairman and managing director Paul Chekaiban said: 'During the third quarter of 2017, we benefited from a favourable market environment; the sustained recovery in international steel sector coupled with the anti-dumping duties applied in Egypt allowed us to improve our selling prices and therefore substantially increase our global turnover.

'However, we continued to suffer from adverse conditions in the Egyptian financial environment; the extremely high level of interest rates, coupled with the acute shortage of liquidity in the banking system, prevented us from meeting our working capital minimal requirements.

'As a consequence, the capacity utilisation of our plants remained at very low levels, resulting in a negative bottom line, which was in-line with our results from the first half of 2017.

'We expect the financial authorities in Egypt to quickly reverse their monetary policy in a way to accommodate our working capital needs which will allow us to fully benefit from the prevailing favourable conditions in local and international steel markets.'




At 8:54am: