Cairo – Mubasher: The ordinary general meeting (OGM) of Ezz Steel has approved using a proportion of its reserve to cover losses.
The OGM has also approved the annual financial statements and endorsed netting contracts finished in 2017, the company said in a filing to the Egyptian Exchange (EGX) on Wednesday.
Egypt's largest steelmaker had previously posted a net loss of EGP 1.09 billion for the full-year ended December 2017, compared to EGP 560.15 million a year earlier, including minority shareholders' rights
Sales grew to EGP 41.7 billion last year from EGP 23.18 billion in 2016.
