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Electro Cable achieves EGP 9m in Q1 net profits

Electro Cable achieves EGP 9m in Q1 net profits
Revenues surged to EGP 432.66 million in Q1-21
Electro Cable
ELEC
4.33% 0.43 0.02

Cairo – Mubasher: Electro Cable Egypt recorded a consolidated net profit of EGP 9 million during the first three months of 2021, about 71% higher than EGP 5.26 million in the same period last year.

Revenues surged to EGP 432.66 million in the first quarter (Q1) of 2021 from EGP 379.25 million in Q1-20, according to a bourse disclosure on Sunday.

In terms of the standalone income statements, Electro Cable posted a net profit of EGP 1.06 million in Q1-21, compared to around EGP 870,800 in Q1-20.

In 2020, the firm registered net profits worth EGP 133.5 million, down from EGP 166.77 million in 2019, including minority interest.