The “Ezz Steel” company revealed the purchase of 245,000 treasury shares in a session on Monday.
The Board of Directors of Ezz Steel Company had approved the purchase of treasury shares, with a maximum of 1% of the company’s paid-up capital.
The managing director was authorized to set the prices and purchase clause for treasury shares within the limits of the company’s financing and liquidity sources.
The losses of “Ezz Steel” company decreased by 5% during the first nine months of this year, to reach 4.11 billion pounds, compared to the net losses of 4.32 billion pounds in the comparative period of the previous year 2019, taking into account the rights of the minority.
The company’s sales decline to 26.46 billion pounds
The company’s total sales decreased during the period to reach 26.46 billion pounds by the end of June, compared to 35.26 billion pounds during the same period last year.
The total profit of Ezz Steel Company declined during the same period to 262.9 million pounds, compared to 528.5 million pounds in the same period.
The cost of sales recorded an amount of 26.2 billion pounds in the first nine months of this year, compared to 34.7 billion pounds in the corresponding period.
Operating losses increased during the same period to 1.33 billion pounds, compared to 988.8 million pounds in the comparative period.