El Ezz Ceramics and Porcelain’s profits jump 596% in the first quarter

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The net profit of the Egyptian Al-Ezz Ceramic and Porcelain Company (Al-Jawhara) jumped by 596% in the first quarter of this year to reach about 38.63 million pounds (2.5 million dollars), compared to about 5.55 million pounds (354,000 dollars) a year ago, according to a statement to the Stock Exchange on Wednesday.

The company’s sales rose in the first quarter of this year by 29% to about 324 million pounds (20.7 million dollars) compared to about 251.4 million pounds (16 million dollars) in the same period last year.

the details

Al-Ezz Ceramics and Porcelain said that the first quarter of 2021 witnessed positive performance rates at the level of both sales and profitability, with increased sales in the local market and exports after the partial decline in the negative effects of the Corona pandemic, according to the statement.

“The Jewel expects to returnnormal rates in local markets during 2021, after some global and local economic indicators return to their normal rates, provided that the pandemic continues to recede,” according to the statement.

The company indicated that some elements of the cost will rise in 2021, and that it is seeking to contain part of it.

Background on losses 2020

The company had turned to a loss last year by about 13.6 million pounds ($869,000), compared to profits of about 52.5 million pounds ($3.4 million), as a result of the repercussions of Corona, according to a previous statement from the company.

Company Profile

It started its activity in 1989, and it has a factory in Sadat City, Menoufia Governorate, which specializes in the production of ceramics, porcelain and sanitary ware, according to its official website.

The company is listed on the Egyptian Stock Exchange, and 63.89% owned by the Ezz Holding Group for Industry and Investment (Ezz Industrial Group), which is affiliated with the Egyptian businessman Ahmed Ezz, according to its financial statements.

(Prepared by Abdel-Qader Ramadan, Abdel-Qader works on the Masrawy website, and he previously worked in several institutions, including the Thomson Reuters Foundation’s Aswat Masriya website, the Egyptian Stock Exchange, and the Egyptian CBC satellite channel)

(Editing by Yasmine Saleh, contact: [email protected])

© ZAWYA 2021





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