Cairo – Mubasher: Elsewedy Electric Co reported EGP 2.02 billion in its consolidated net profits after income tax during the first half (H1) of 2022, compared to EGP 1.74 billion in H1-21. 

Earnings per share (EPS) reached EGP 0.78 in H1-22, compared with EGP 0.66 in H1-21, according to a bourse disclosure on Tuesday.

The company’s revenue stood at EGP 38.96 billion in the January-June period in 2022, a rise of 49.8% when compared to EGP 26.01 billion in the year-ago period.

As for the standalone business, Elsewedy Electric generated net profits after taxes of EGP 1.16 billion in H1-22, a hike from EGP 55.97 million in H1-21.

In the second quarter (Q2) of 2022, the company recorded net profits after income tax of EGP 1.19 billion, up from EGP 973.77 million in Q2 of 2021. EPS amounted to EGP 0.47 in Q2-22, compared to EGP 0.37 in Q2-21. 

In the meantime, revenues surged by 48.6% annually to EGP 20.39 billion during Q2-22 from EGP 13.72 billion.

In the first three months (3M) of 2022, the EGX-listed firm reported consolidated net profits of EGP 828.20 million, up 7.6% from EGP 769.49 million in the same period of 2021, including minority shareholders' rights.