Egypt's largest steel producer, Ezz Steel (ESRS.CA), reported a 11.2 percent rise in net profit for the first half of 2012 hitting EGP 205.609 million, compared to EGP 184.767 million a year earlier. Ezz Steel's sales for H1/2012 hiked to EGP 10.305 billion, compared to EGP 9.334 billion for H1/2011; while the gross profit – after excluding the cost of sales – fell to EGP 999.649 million, compared to EGP 1.109 billion. The operating profits – after excluding the selling & marketing, administrative and other expenses – have reached EGP 788.831 million in H1/2012, compared to EGP 918.280 million in H1/2011. The rise in net profits during H1/2012 was due to income and deferred taxes reduction which had amounted to EGP 223 million, compared to EGP 336 million. Earnings per share for H1/2012 has hit EGP 0.15, compared to EGP 0.10 during H1/2011. The firm's long-term loan and credit facilities fell to EGP 3.408 billion during H1/2012, compared to EGP 3.937 billion during H1/2011. Meanwhile, Ezz Steel's standalone financial statements reported a 504% increase in net profit which hit EGP 285.424 million for H1/2012, compared to EGP 47.215 million a year earlier.
