Bloomberg News

Ezz Steel Gains in Egypt After Unit Reports Increase in Profit

January 09, 2012

Jan. 9 (Bloomberg) -- Ezz Steel, an Egyptian manufacturer of the metal, headed for the biggest daily gain in more than two weeks after its unit Al Ezz Dekheila Steel Co. reported higher nine-month profit than last year.

Shares of the Cairo-based company advanced 3.3 percent to 3.76 Egyptian pounds at 10:57 a.m. in Cairo, poised for the biggest gain since Dec. 25. The stock plunged 81 percent last year, underperforming the benchmark EGX 30 Index, which dropped 49 percent. The index rose 0.4 percent today.

The Alexandria-based Ezz Dekheila said today its nine-month profit rose 0.5 percent to 562 million pounds ($93 million) from a year earlier. Ezz Steel owns 53 percent of Ezz Dekheila, according to Bloomberg data. Ezz Steel hasn’t yet reported third-quarter results.

--Editor: Daliah Merzaban, Shanthy Nambiar

To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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