Cairo – Mubasher: Al Ezz Dekheila Steel – Alexandria announced turning to losses during 2019, the consolidated financial statements showed.

The steel manufacturer incurred net losses of EGP 4.64 billion last year, against net profits of EGP 647.35 million in 2018, according to a bourse disclosure on Sunday.

Net sales slid to EGP 38.546 billion in 2019 from EGP 41.294 billion a year earlier, while the cost of sales increased to EGP 39.358 billion last year from EGP 36.623 billion in 2018.

As for standalone business, the company suffered net losses of EGP 2.23 billion in 2019, versus net profits of EGP 2.5 billion in the prior year.

It is noteworthy to mention that during the first nine months of 2019, the Egyptian firm suffered net losses of EGP 2.25 billion, against net profits of EGP 996.55 million in the prior-year period, including minority shareholders’ rights.