December 02, 2008

Ezz Steel Q1 2008 net profit up by 56% YoY

Ezz Steel has posted net profit of EGP 436 million in first quarter of 2008 up by 56% YoY as against EGP 279 million in first quarter of 2007 on higher global steel prices. EBITDA in the first quarter increased to EGP 1.3 billion up by 32% YoY and net sales were up by 35% YoY to EGP 5 billion.

Mr Paul Chekaiban MD of Ezz Steel said that "Growth was driven by the global increase in steel prices as well as our own strong operating performance."

Ezz Steel has said it was seeking to boost steel production to about 5.3 million tonnes by the end of 2009. Production in 2007 was about 4.8 million tonnes.