Ezz Steel, a Cairo-based steel giant, faced a stark financial reversal in 2023, swinging to a consolidated net loss of EGP 716.53 million after taxes—a sharp decline from a EGP 6.64 billion profit in 2022. Despite a 70% surge in consolidated net sales to EGP 142.91 billion, soaring costs eroded gains, with sales expenses jumping to EGP 103.60 billion from EGP 65.20 billion. Basic and diluted loss per share hit EGP 0.21, down from EGP 7.98 earnings per share in 2022. Standalone profits also dwindled, dropping to EGP 1 billion from EGP 1.05 billion, even as standalone sales climbed to EGP 27.63 billion. The first half of 2023 alone saw a consolidated net loss of EGP 809.77 million, contrasting sharply with a EGP 4.12 billion profit in the same period the prior year.