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Ezz Steel 2011 net profit falls 20 pct

By Tamim Elyan / Reuters CAIRO: Egypt’s largest steel producer, Ezz Steel, posted a 20 percent drop in 2011 net profit on Tuesday as soaring costs and higher taxes offset a rise in sales during a year of economic and political turmoil. An uprising ousted president Hosni Mubarak in February last year and the turmoil rocked …

DNE

CI Capital raises Ezz Steel to buy

By Reuters CAIRO: Egypt’s largest steel producer Ezz Steel will benefit from the reinstatement of operating licenses for two of its plants after paying a fee, said CI Capital Research and upgraded the stock to “buy” from “hold.” In September, an Egyptian court jailed Ezz’s former chairman Ahmed Ezz for indulging in corruption and ordered …

DNE

HC raises Ezz Steel to overweight

By Reuters CAIRO: Egypt’s largest steel maker Ezz Steel will likely be allowed to retain the operating licenses for two of its plants after paying a fee, said HC Securities, which upgraded the stock to “overweight” from “neutral.” Earlier this year, media reports indicated the government was restoring operating licenses for some Ezz plants that it …

DNE

Egypt’s Ezz Steel third-quarter net jumps

CAIRO: Egypt’s largest steel producer, Ezz Steel, said on Tuesday its third-quarter net income surged from a year earlier, when lower prices and soaring costs hammered profit margins. An uprising ousted president Hosni Mubarak last February, and the turmoil rocked Ezz Steel, which gets much of its business from infrastructure and real estate sectors plunged …

DNE

Ezz Steel says H1 net profit drops 79 pct

CAIRO: Ezz Steel, Egypt’s biggest steelmaker, posted a 79 percent drop in first-half net profit as it set aside a potential tax liability to cover measures introduced by the government in the wake of Egypt’s uprising. The group has been rocked by the political and economic turmoil of the uprising that ousted Hosni Mubarak in …

DNE

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