At the same time, the company’s profits jumped 64.2% in the first half to 2.6 billion pounds, supported by the growth of sales, which increased by 26.6% to 38.496 billion pounds, despite the company incurring currency differences losses of regarding 1.127 billion pounds in the first half as a result of the devaluation of the Egyptian pound.
The Egyptian pound has fallen once morest the dollar by regarding 23% since last March until now, following the Central Bank raised interest rates by 300 basis points and allowed the local currency to move once morest the dollar.
By 0842 GMT, the company’s share was trading on the Egyptian Stock Exchange at 14.86 pounds, up 1.4%.
Ibrahim Al-Nimr, head of the technical analysis department at Naeem Financial, says that the company’s stock “as long as it is above the level of 13.6 pounds, it has upward targets at 15.10 pounds, which it visited today, then 16.50 pounds.”
Ezz Steel has available liquidity of 4.4 billion pounds at the end of last June, while its net debt is 31.5 billion pounds.
It is noteworthy that the largest creditor banks of Ezz Steel are: the National Bank of Egypt, the Arab African Bank, Banque Misr, and the National Bank of Qatar.
Ezz Steel accounts for regarding 40% of the rebar market in EgyptThe company expects domestic consumption to increase by 10% to 8.1 million tons in 2022.
