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Elsewedy Electric's profits up 8% in Q1-22

Elsewedy Electric's profits up 8% in Q1-22
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Elsewedy Electric
SWDY
-4.43% 31.05 -1.44

Cairo – Mubasher: Elsewedy Electric Co reported consolidated net profits of EGP 828.20 million in the first three months (3M) of 2022, up 7.6% from EGP 769.49 million in the same period of 2021, including minority shareholders' rights.

The company's revenues amounted to EGP 18.57 billion in the January-March period of 2022, up from EGP 12.29 billion in the year-ago period, according to a bourse filing on Wednesday.

As for the standalone businesses, the company recorded net profits of EGP 12.89 million in the first quarter (Q1) of 2022, against net losses of EGP 63.16 million in Q1-21.

It is noteworthy to mention that in 2021, the company's consolidated net profits rose by 15.2% to EGP 3.81 billion from EGP 3.31 billion in 2020, including minority shareholders' rights.