Cairo – Mubasher: The planned budget of the Egyptian Iron and Steel (Hadisolb) showed estimated net losses of EGP 388 million during fiscal year 2020/2021, compared to EGP 1.5 billion in FY18/19.
The company is looking to achieve sales of EGP 1.84 billion in the coming fiscal year, compared to EGP 1.16 billion in the last fiscal year, according to a bourse disclosure on Monday.
In addition, Hadisolb plans to inject EGP 50 million in new investments for renovation and replacement processes.
The steel manufacturer aims to sell 175,000 tonnes of end products in FY20/21, up by 56% from 112,000 tonnes in FY18/19.
During the first seven months of FY19/20, the company’s sales plunged to EGP 455.4 million from EGP 722.13 million in the corresponding period in FY18/29.
Over the first eight months of FY19/20, Hadisolb generated EGP 666.488 million in revenue.
