Cairo – Mubasher: Elsewedy Electric Co posed a 22% year-on-year profit drop during the first nine months of 2019, the company’s consolidated financial statements showed.

Net profits retreated to EGP 2.78 billion in the January-September period, compared to EGP 3.57 billion in the corresponding period of 2018, including minority shareholders’ rights, the company said in a statement to the Egyptian Exchange (EGX) on Monday.

Meanwhile, the company generated EGP 34.5 billion in revenues in the nine-month period ended 30 September, up from EGP 30.3 billion in the year-ago period.

At the level of standalone business, Elsewedy Electric Co reported a net profit of EGP 2.35 billion in the January-September period, up from EGP 1.9 billion in the prior-year period.

As for the third quarter of 2019, the EGX-listed firm’s consolidated net profits slid to EGP 831.5 million from EGP 1.16 billion in Q3-18.

It is worth mentioning that during the first half of 2019, the Egyptian company logged a net profit of EGP 1.95 billion, compared to EGP 2.4 billion in H1-18.