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Elsewedy Electric logs EGP 2.5bn profit in nine months

Elsewedy Electric logs EGP 2.5bn profit in nine months
The revenues grew to EGP 40.88 billion in the January-September period
Elsewedy Electric
SWDY
-4.43% 31.05 -1.44

Cairo – Mubasher: Elsewedy Electric Co logged consolidated net profits of EGP 2.51 billion in the first nine months of 2021, up by 30% year-on-year (YoY) from EGP 1.93 billion, including minority shareholders' rights. 

The net profits attributable to the parent company's shareholders increased to EGP 2.29 billion from EGP 1.73 billion, while the net profits attributable to minority interests rose to EGP 224.49 million from EGP 203.65 million, according to a bourse filing on Monday. 

The revenues grew to EGP 40.88 billion in the January-September period, compared to EGP 31.47 billion in the prior-year period. 

As for standalone business, the company's net profits retreated to EGP 957.02 million in the nine-month period ended 30 September from EGP 2.08 billion in the same period in 2020. 

In the first half (H1) of 2021, the company reported net profits of EGP 1.74 billion, up from EGP 1.025 billion in H1-20, including minority shareholders' rights.