In a remarkable turn of events for Egypt's industrial sector, the Iron and Steel Company for Mines and Quarries has reported unprecedented sales figures for the month of May, totaling an impressive 20 million pounds. This surge in sales comes as a beacon of hope amidst broader economic challenges, signaling a robust recovery and growing confidence in the country's mining and quarrying industries.
The company's achievement not only underscores its pivotal role in Egypt's economic landscape but also highlights the resilience and adaptability of the sector in overcoming recent global uncertainties. With a strategic focus on operational efficiency and market responsiveness, the Iron and Steel Company has emerged as a key player in meeting domestic demand while expanding its export capabilities.
In a statement to the Egyptian Stock Exchange, the company attributed the majority of these sales, amounting to 19.86 million pounds, to its operations at the Bahariya Oasis mines. Additionally, revenues from the Bani Khaled-Samalout quarries contributed 12.13 thousand pounds to the overall May sales.
This announcement comes amidst a period of significant financial performance for the company. For the fiscal year from July to March 2024, the company reported a post-tax profit of 113.255 million pounds, up from 97.76 million pounds in the corresponding period last year. Moreover, total revenues for the same period reached 252.579 million pounds, marking an increase from 217.5 million pounds in the previous fiscal year.
The robust sales in May underscore the company's strong market position and its effective management of mining and quarrying operations. With sustained profitability and revenue growth, the Iron and Steel Company for Mines and Quarries is poised to continue its positive trajectory in contributing to Egypt's industrial sector and economy.
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