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EZZSTEEL reports FY 2018 results

Steel News - Published on Wed, 15 May 2019

Image Source: SteelGuru
EZZ Steel, the largest independent producer of steel in the MENA region and market leader in Egypt, announced its consolidated results for the 12 month period ending 31 December 2018. Mr Paul Chekaiban, Chairman and Managing Director of ezzsteel, said In 2018 Ezzsteel achieved a long overdue operational turnaround registering all-time records in the following fundamental items:

Production: 4.9 million tons of fully integrated finished steel products

Turnover: 49 billion Egyptian Pounds in global sales

Gross Profit: 5.6 billion Egyptian Pounds of operational margin

Such outstanding industrial performance allowed us to partially mitigate the severe adverse circumstances that we had to face during the year:

We suffered from a free fall in the selling prices of our finished products due to the lack of adequate response by the Egyptian Authorities to the unfair and unlawful trade tariffs imposed on steel products by most countries.

We also had to bear detrimental costs of energy and funding due to the exceptionally restrictive economic policy applied by the Egyptian Authorities.

These factors translated into a consolidated bottom line loss comparable to the one generated in 2017.

In the coming periods we expect the Egyptian Authorities to take the appropriate measures in order to alleviate the unfair and adverse circumstances affecting our company, allowing us to fully benefit from the continued improvement of our operational performance.

Key highlights in EGP million
HeadingFY 2017FY 2018YoY % (+/-)
Net sales41,74249,162+ 18
Gross profit4,3355,578+29
EBITDA4,4205,437+23
Net profit after tax and minority interest(1,580)(1,643)
Earnings per share(2.91)(3.03)
Net debt to equity2.153.84
 

EBITDA = sales - cost of goods sold - selling & marketing expense - G&A expense + depreciation and amortisation
EPS = Net profit after tax & Minority Interest / No. of shares at the end of the period

Source :

Posted By : Rabi Wangkhem on Wed, 15 May 2019
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