MISR NATIONAL STEEL - ATAQA
ATQA
Financial ResultsPositive News
Ataqa Shatters Records with EGP 535M H1-24 Profit Amid Revenue Surge
Ataqa reports 32% YoY profit growth in H1-24 with revenues tripling to EGP 2.77 billion, driven by strong steel demand and operational efficiency.
August 18, 2024 at 9:27:00 AMScore: 92
Cairo-based Misr National Steel (Ataqa) delivered stellar financial results for the first half of 2024, reporting net profits of EGP 535.45 million—a significant leap from EGP 410.74 million in H1-23. Revenue skyrocketed to EGP 2.77 billion, tripling year-on-year from EGP 922.67 million. Earnings per share (EPS) climbed to EGP 0.44, up from EGP 0.34, while total assets surged to EGP 4.10 billion by June 2024. Q2-24 alone saw net profits hit EGP 474.54 million (vs. EGP 281.93 million in Q2-23) with revenues reaching EGP 1.76 billion. However, Q1-24 profits dipped to EGP 60.91 million compared to Q1-23’s EGP 128.81 million.
Recommended Actions
- Consider strategic long-term investment given revenue momentum
- Monitor Q1-24 profit dip causes before short-term trades
- Compare with regional steel sector peers for relative valuation
- Watch for management commentary on sustaining growth
- Set price alerts for potential entry points near EGP 9.76
Positive Aspects
- Triple-digit revenue growth
- 49% net profit increase
- EPS improvement
- Asset base expansion
Negative Aspects
- Q1-24 profit decline
- Potential market volatility risks
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