Egyptian steelmaker Ezz Steel achieved consolidated net profits of EGP 560.15 mn during the fiscal year ending on December 31, 2016, against net losses of EGP 603.3 mn a year earlier, Invest-Gate reports.

Total sales amount to EGP 23.1 bn in 2016, compared to EGP 16.6 mn in 2015.

Consolidated foreign exchange gains after the EGP float added EGP 816 mn to the company’s bottom line.

On a standalone basis, net losses reached EGP 591.402 mn in 2016, compared to EGP 210.836 mn in 2015.