Ezz Steel could suffer estimated loss of EGP 2.2B in H2
Updated 10/30/2022 1:02:00 PM
Arab Finance: Ezz Steel (ESRS) could incur consolidated loss estimated at EGP 2.196 billion in the second half (H2) of 2022 based on forex spread at the end of October 27th, according to a bourse filing on October 30th.
On the other hand, El Ezz Dekheila Steel – Alexandria (EZDK) (IRAX) could suffer consolidated loss estimated at EGP 1.889 billion in H2 2022.
These estimated losses come as a result of the exchange rate of the EGP exceeding 22 to USD.
Losses are expected to be achieved due to the outstanding liabilities in US dollar on companies, which recently grew due to covering imports in USD.
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.
