Suffering from the EGP-US$ battle
In Q1 2016, Ezz Steel’s revenues recorded an increase of 3.6% yoy to EGP4.966bn. The cost of sales fell by 2% yoy, with a contribution of 90% to total sales (vs. 95.3% in Q1 2015). This led the gross margin to improve by 517 bps to 9.8%. However, the net result registered a deterioration of 61.25% yoy to stand at EGP235.322m.AL Ezz Steel Rebars is an independent producer of steel in the Middle East and North Africa region which is based in Egypt. Co. produces long and flat products at its manufacturing facilities located in the port cities of Alexandria and Suez and in the Egyptian interior at Sadat City and 10th of Ramadan City and sells them to customers around the world. Co.'s long products consist principally of rebars and wire rods and are used for strengthening concrete in building and other construction applications. Co.'s flat products consist of hot rolled coil, which are thin gauge sheets manufactured to precise specification for makers of consumer goods and industrial products.
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