|Ezz Steel's net sales grew by 28 pct in Jan-Sept 2018 YoY
|Egypt - 2018 December 31
Ezz Steel has published their financials for the first nine months of 2018. According to the release, Ezz steel registers EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) of EGP 4.588 bln, up significantly by 69 pct YoY. Gross profit increased by 80 pct YoY to EGP 4.642 bln.
The sharp rise in earnings is due to the 28 pct growth in net sales. Consolidated net sales amounted to EGP 37.447 bln in Jan-Sept 2018.
Long steel products accounted for 70 pct of sales in Jan-Sept 2018, while flat steel products represented 29 pct of sales. Long product exports accounted for seven pct of total long sales. Flat product exports accounted for 50 pct of total flat sales.
According to the report, long product prices in domestic market were up 24 pct and flat prices increased by 13 pct. Internationally, prices rose 28 pct for long and 23 pct for flat products sold during the first nine months of 2018.
In terms of tonnage, consolidated sales volume was amounted to 3.42 mln tons in Jan-Sept 2018, reflecting an increase of 4 pct YoY.
In further breakdown, Ezz Steel sales of long products increased by 1 pct YoY to 2.44 mln tons as compared to 2.41 mln tons in the corresponding period. Flat products sales increased by 10 pct YoY to 975,000 tons in the same period.
In the given period, long steel output grew by 4 pct YoY to 2.5 mln tons. Flat products output was 1.1 mln tons, up by 19 pct when compared to same period last year.