News Details

Misr National Steel - Ataqa (ATQA.CA)’s 1Q2021 Net Profit Multiplies

14/06/2021

EGP mn

1Q2020

1Q2021

Change %

Revenues

759.1

769.0

1.3%

Gross Profit/Loss

12.7

125.9

895.3%

GPM %

1.7%

16.4%

-

Net Profit/Loss

13.7

63.3

361.4%

NPM %

1.8%

8.2%

-

Misr National Steel - Ataqa (ATQA.CA)’s 1Q2021 net profit recorded EGP 63.3mn marking 4-fold hike compared to EGP 13.7mn in 1Q2020. (Company’s Financial Statements). Analyst Comment: the improvement in the company’s bottom-line can be mainly explained by a leap in gross profit recording EGP 125.9mn in 1Q2021 compared to EGP 12.7mn in 1Q2020. On the other hand, ATQA recorded net interest expense of EGP 8.3mn in 1Q2021 replacing net interest income of EGP 11.4mn in 1Q2020, as well as recording FX loss of EGP 0.1mn in 1Q2021 replacing FX gain of EGP 11.8mn in 1Q2020, in addition to recording tax expense of EGP 21.8mn in 1Q2021 surging from EGP 2.1mn in 1Q2020 and finally recording provisions of EGP 7.8mn in 1Q2021 compared to zero provisions in 1Q2020.

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