Misr National Steel Company – Ataqa has unveiled its financial results for the first half of 2024, revealing a 30.36% drop in profits despite a substantial rise in sales. According to the company's financial disclosures, Ataqa earned EGP 535.45 million in profit from January to June 2024, a notable decrease from EGP 410.75 million during the same period in 2023.
The decline in profitability contrasts sharply with the company's robust sales performance. Ataqa's sales figures surged to EGP 2.77 billion in the first half of 2024, a significant leap from EGP 922.67 million recorded in the first half of 2023. This upward trend in sales highlights the company's successful market penetration and growing demand for its products.
Examining the quarterly breakdown, Ataqa's profits in the first quarter of 2024 stood at EGP 60.91 million, down from EGP 128.81 million achieved in the first quarter of the previous year. Nevertheless, sales during the same period experienced a dramatic increase, reaching EGP 1.01 billion compared to EGP 399.5 million in Q1 2023.
Ataqa has attributed the mixed financial outcomes to various market dynamics and operational challenges. Despite the profit decline, the surge in sales underscores the company's effective strategic positioning and robust demand in the market.
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