Cairo – Mubasher: Elsewedy Electric Co. reported consolidated net profits of EGP 769.49 million in the first quarter (Q1) of 2021, up by 66% year-on-year (YoY) from EGP 463.69 million in the year-ago period, including minority shareholders’ rights.

The company’s revenues increased to EGP 12.29 billion in the January-March period, compared to EGP 10.77 billion in the corresponding period a year earlier, according to a bourse disclosure on Monday.

As for standalone business, the company turned to net losses of EGP 63.16 million in Q1-21, against net profits of EGP 38.24 million in Q1-20.

In 2020, Elsewedy Electric logged net profits of EGP 3.02 billion, down from EGP 4.02 billion in 2019.