Cairo – Mubasher: Elsewedy Electric Co reported an 18.53% year-on-year profit retreat during 2019.
Net profits slid to EGP 4.163 billion last year, compared to EGP 5.109 billion in 2018, including minority shareholders’ rights, the company said in a statement to the Egyptian Exchange (EGX) on Thursday.
Meanwhile, revenues rose to EGP 46.628 billion in the year ended 31 December 2019, compared to EGP 42.490 billion a year earlier.
As for standalone business, the company’s net profits grew to EGP 2.414 billion last year from EGP 2.423 billion in the prior year.
It is noteworthy that during the first nine months of 2019, Elsewedy Electric Co’s net profits declined to EGP 2.78 billion from EGP 3.57 billion in the corresponding period a year earlier.