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Egypt's Iron and Steel Mine Company aims for profitability surge in fiscal year 2024-2025

This decision follows a period of impressive financial performance, with significant growth in net profit recorded during the first half of the current fiscal year compared to the previous year.

Egypt's Iron and Steel Mine Company aims for profitability surge in fiscal year 2024-2025

Egypt's Iron and Steel Company for Mines and Quarries has unanimously approved its estimated budget for the upcoming fiscal year, signaling its unwavering commitment to achieving new heights in profitability. In a candid statement to the Egyptian Stock Exchange, the company unveiled its ambitious goal: to secure a net profit after taxes totaling approximately 447.9 million pounds during the fiscal year 2024-2025.

This target builds upon the company’s remarkable financial track record in recent times. Notably, in the period spanning from July to December 2023, the company posted a net profit of 73.77 million pounds, showcasing substantial growth compared to the same period in 2022, where profits stood at 69.5 million pounds.

Moreover, the company’s revenues surged during the first half of the current fiscal year, reaching 166.61 million pounds, a significant leap from the 152.6 million pounds recorded during the corresponding period in 2022.

The greenlighting of the estimated budget underscores the company’s unwavering confidence in its strategic direction and operational prowess, positioning the Iron and Steel Company for Mines and Quarries to continue its upward trajectory of growth and financial prosperity.

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