In a significant boost for Egypt's mining industry, the country's iron and steel mines have reported a noteworthy increase in profits, reaching 28.34 million pounds within a span of three months. Recent financial reports from the sector indicate a positive trend, showcasing the resilience and profitability of Egypt's iron and steel mining operations. The company disclosed a net profit of 28.34 million pounds from July to September 2023, marking a significant rise from 20.56 million pounds in the same period of 2022. In a statement to the Egyptian Stock Exchange, the company attributed the surge in profits to a notable increase in revenues, which reached 69.89 million pounds during the three months, compared to 58.55 million pounds in the corresponding period of the previous year. Noteworthy long-term growth was also highlighted in the report, revealing that the company achieved 127.81 million pounds in profits from July 1, 2022, to June 30, 2023, compared to 40.63 million pounds in the comparative year. Sales and revenues witnessed a substantial increase, totaling 309.92 million pounds in 2022-2023, compared to 121.21 million pounds in the prior year.
The company's robust financial performance was further emphasized by profits after taxes, which amounted to 97.76 million pounds during the period from July to last March, compared to 22.97 million pounds in the corresponding period. Revenues for the same timeframe soared to 217.5 million pounds, reflecting a substantial growth from 82.78 million pounds in the comparative period.
The surge in profits is attributed to factors such as increased demand for iron and steel products, improved operational efficiency, and potentially favorable market conditions.
The positive performance of the iron and steel mining sector not only signifies economic growth but also underscores the sector's importance in contributing to the country's industrial and manufacturing capabilities.
Comments
No comment yet.