Cairo – Mubasher: Al Ezz Dekheila Steel – Alexandria on Tuesday reported a 78.6% year-on-year growth in its consolidated profits for full-year ended 31 December 2018.
The iron and steel company achieved a profit of EGP 647.35 million last year, compared to EGP 362.4 million in 2017, including minority shareholders’ rights, according to a filing to the Egyptian Exchange (EGX).
The company’s sales increased to EGP 41.29 billion in 2018, versus EGP 34.37 billion a year earlier.
In February, Al Ezz Dekheila Steel posted an EGP 2.5 billion in standalone profits for FY18, versus EGP 2.2 billion in 2017.
Additionally, the company’s management has proposed a cash dividend distribution of EGP 140 per share for FY18, in addition to an EGP 20 per share dividend payment for the fourth quarter of last year, according to a separate statement.
The company noted it has recommended the distribution of EGP 40 per share for each Q1, Q2, and Q3-18.
In November, Al Ezz Dekheila posted it a 62.2% year-on-year hike in consolidated profits for the first nine months of 2018, recording EGP 2.27 billion from EGP 1.4 billion.
The EGX-listed steel manufacturer achieved sales of EGP 28.19 billion at the end of September, versus EGP 20.49 billion in the corresponding nine-month period of 2017.
By 11:12 am Cairo time, Al Ezz Dekheila's stock tumbled 0.94% to EGP 951.01.
