Arab Finance: Ezz Steel (ESRS) incurred consolidated net losses attributable to the parent company of EGP 1.660 billion in the first quarter (Q1) of 2023, compared to net profits of EGP 758.854 million over the same quarter of 2022, as per the company’s financial statement.

The firm’s net sales amounted to EGP 27.849 billion in the three months to March 31^st, up from EGP 18.641 billion in the same period a year earlier.

As regards standalone results, Ezz Steel suffered net losses after tax of EGP 190.968 million in Q1 2023, versus net profits of EGP 18.203 million in Q1 2022.

Meanwhile, standalone sales surged in the first three months of the year to EGP 4.574 billion, up from EGP 3.392 billion during the same months the year before.

Ezz Steel is an Egypt-based manufacturer and trader of steel and related products. Together with its subsidiaries, the company is engaged in the manufacture, trade, and distribution of iron and steel products of all kinds and associated services.

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