Egypt's Iron and Steel Company for Mines and Quarries revises budget targets, approves investment plan

The board of directors at General Iron and Steel Mines has ratified an unexpected decision to revise its estimated budget, coupled with a significant reduction in its targeted surplus. 

The assembly decided to revise the company's estimated budget to target a surplus of 300 million pounds, down from the initial target of 590 million pounds. This adjustment was made after recalculating the quantity and value of sales. Additionally, the assembly approved the draft investment budget for the next fiscal year, totaling 165.699 million pounds, to be self-financed.

Notably, the company recorded a net profit of 73.77 million pounds from July to December 2023, compared to 69.5 million pounds during the same period in 2022. Revenues also saw an increase during the first half of the current fiscal year, reaching 166.61 million pounds, up from 152.6 million pounds in the same period in 2022.