Cairo - Mubasher: The consolidated net profits of Industrial Engineering Company for Construction and Development (ICON) surged by 144% year-on-year (YoY) to EGP 55.34 million in the first quarter (Q1) of 2021, compared to EGP 22.66 million, including minority shareholders’ rights. 

ICON’s revenues increased to EGP 457.91 million in the January-March period, compared to EGP 345.25 million in the corresponding period a year earlier, according to a bourse disclosure on Sunday. 

As for standalone business, the company turned profitable with EGP 3.33 million in Q1-21, against net losses of EGP 3.38 million in Q1-20. 

During 2020, ICON achieved net profits of EGP 140.36 million, down from EGP 150.04 million in 2019, including minority shareholders’ rights. 

The revenues declined to EGP 1.44 billion last year from EGP 1.61 billion in 2019.