The Board of Directors of the Iron and Steel Company for Mines and Quarries (ISMQ), held on 01/30/2022, approved the company’s unaudited business results for the financial period ending on 12/31/2021, which revealed achieving a net profit before tax during the first half of the current fiscal year of 21.9 million pounds - the period from July until the end of last December.
The company also achieved revenues worth 55.7 million pounds during the first six months of the current fiscal year, according to the Egyptian Stock Exchange statement.
Regarding the company’s unaudited (adjusted) business results for the financial period ending on 06/30/2021, it achieved a net profit amounting to 5,546,393 pounds. During the period, it achieved total revenues and sales amounting to 41.5 million pounds. It added in a previous statement to the Egyptian Stock Exchange that the reason for the decrease in net profit compared to previous indicators is due to amending the orientation of some product types from incomplete products to finished products, and modifying the orientation of raw materials sold to raw materials exported to the company. Egyptian Iron and Steel (divisional) at cost, calculating provisions other than depreciation, and calculating income taxes for net profit at a rate of 22.5%.
The Stock Exchange announced earlier the start of trading after dividing the Egyptian Iron and Steel Company horizontally into two companies: the Egyptian Iron and Steel Company (IRON), (Qasima Company) and the Iron and Steel Company for Mines and Quarries.
She added that the Operations Committee decided that the reference price for the share of the Egyptian Iron and Steel Company (Dividing Company) should be equal to: the closing price of the company’s share before the division (of 3.55 pounds on May 24, 2021) multiplied by the capital of the dividing company relative to the total capital of the company before the division (90%), so that the reference price per share is 3.2 pounds.