Cairo – Mubasher: Elsewedy Electric Co reported a 30.5% decline in its consolidated net profits, registering EGP 1.93 billion in the first nine months of 2020, compared to EGP 2.78 billion in the year-ago period, including minority shareholders’ rights.

The company generated EGP 31.47 billion in revenue in the January-September period, down from EGP 34.54 billion in the corresponding period a year earlier, according to a bourse disclosure on Sunday.

As for the third quarter (Q3) of the year, Elsewedy Electric Co. logged EGP 909.44 million in net profits, up from EGP 831.59 million in Q3-19.

Moreover, the standalone financial statements for the nine-month period ended 30 September showed net profits of EGP 2.08 billion, down from EGP 2.36 billion in the prior-year period.

During the first half (H1) of 2020, the company achieved net profits of EGP 1.025 billion, down from EGP 1.95 billion in H1-19.