Egypt’s largest steel producer, Ezz Steel, said on Tuesday its net profit for the first nine months of 2011 declined 26 percent from a year earlier.
The company was rocked by the uprising against former President Hosni Mubarak in February and its aftermath. Egypt’s public prosecutor jailed the company’s chairman, Ahmed Ezz, in February on corruption charges. He has since stepped down.
Net profit after minority interests dropped to LE179 million (US$29.68 million) from LE242 million. Net sales rose 22 percent year-on-year to LE14.16 billion.
