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Ezz Steel’s profits soar in Q3 2011, despite political upheaval
February 03, 2012 - 10:00 GMT
Location:
Dubai
KEYWORDS:
Africa
,
Egypt
,
Ezz Steel
,
courts
,
Paul Chekaiban
,
profits
Third-quarter net profits at Egypt’s Ezz Steel soared against the same period in 2010, showing the company’s resilience after a year of political upheaval.
The Cairo-based steel producer posted E£264.7 million ($43.7 million) in net profit for the quarter, up from E£22.5 million the previous year, according to a financial statement from the company.
E£127.8 million of this third quarter profit is attributable to equity holders.
Sales for the period rose almost 19% to E£4.83 billion, from E£4.06 billion, with only a slight rise in total expenses. Gains in income from interest and through the foreign exchange difference also helped to bolster the bottom line.
Net profits for the first nine...
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Euromoney Institutional Investor PLC.
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