Ezz Steel (ESRS) saw its net loss widening to EGP1.64bn in 2018 from EGP1.58bn a year earlier despite 18% higher revenues of EGP49.16bn as selling prices rose. Gross margin expanded y/y by 100bps to 11%, thanks to the higher gross profit margin of Ezz Rolling Mills (ERM) (6.4% vs. 4.4%) and the lower gross loss margin of Ezz Flat Steel (EFS) (9.6% vs. 12.6%). Meanwhile, Ezz Al-Dekheila’s (EZDK) gross margin stabilized at 15%.
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190512-ESRS-–-Higher-Overhead-and-Operating-Expenses-Pressure-Q4-2018-Performance