The Ordinary General Assembly of Misr National Steel “Ataqa” approved the Board of Directors’ report on the company’s activities for the past year.
The general assembly approved the financial statements for the past year, and decided to vacate the board for the period.
On the extraordinary general level, the assembly agreed to amend Article 4 of the company’s articles of association regarding the head office and its legal place, as well as to amend Article 7 of the articles of association, to include that the company’s capital consists of 1.2 billion shares.
The profits of Misr National Steel Company “Ataqa” decreased by 62% during the first nine months of this year, to reach 20.2 million pounds, compared to net profits of 53.2 million pounds in the comparative period of the previous year 2019, taking into account the rights of the minority.
The company’s total sales decreased during the period to reach 1.26 billion pounds by the end of June, compared to 1.44 billion pounds during the same period last year.
The company achieved profits of 19.6 million pounds during the first six months of 2020, compared to losses of 629.9 thousand pounds in the comparative period of 2019.
The profits of Misr National Steel Company “Ataqa” decreased by 51.9% during the first quarter of 2020 to reach 13.7 million pounds, compared to a net profit of 28.5 million pounds during the first quarter of 2019, taking into account the rights of the minority shareholders.
While the company’s revenues increased during the period from January to March 2020 by 49.3%, to reach 759.05 million pounds, compared to total sales of 508.2 million pounds during the period from January to March 2019.
The cost of sales amounted to 746.4 million pounds during the first quarter compared to 497.7 million pounds during the first quarter of last year, and the total profit amounted to 12.6 million pounds during the period compared to 10.4 million pounds during the comparative period last year.
The article “Ataqa” generality acknowledging the results of business and amending the articles of association was written in Al-Borsa newspaper.