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ElSaeed Contracting unveils lower net profits in H1-23

ElSaeed Contracting unveils lower net profits in H1-23
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Elsaeed Contracting
UEGC
-2.67% 0.84 -0.02

Cairo – Mubasher: ElSaeed Contracting and Real Estate Investment Company posted consolidated net profits after tax valued at EGP 70.69 million in the first half (H1) of 2023, versus EGP 81.80 million a year earlier, including minority interest.

Revenues hiked year-on-year (YoY) to EGP 1.32 billion in January-June 2023 from EGP 1.04 billion, according to the consolidated income statements.

Additionally, the total assets widened to EGP 3.45 billion in H1-23 from EGP 2.96 billion as of 31 December 2022. 

Standalone Business

The EGX-listed company generated EGP 67.91 million in standalone net profit after tax during the first six months (6M) of 2023, versus EGP 80.08 million in 6M-22.

Non-consolidated revenues jumped to EGP 1.31 billion in H1-23 from EGP 1.02 billion in the year-ago period.

Basic and diluted earnings per share (EPS) amounted to EGP 0.08, down from EGP 0.09 in H1-22

Financials for Q2-23

In the second quarter (Q2) of 2023, the firm registered consolidated net profit after tax worth EGP 16.07 million, compared to EGP 61.97 million a year earlier, including non-controlling equity.

The consolidated revenues climbed to EGP 591.93 million in April-June 2023 from EGP 560.38 million during the same period in 2022.

As for the standalone business, the net profits after tax shrank to EGP 15.68 million in Q2-23 from EGP 44.17 million in Q2-22, whereas the basic and diluted EPS plummeted to EGP 0.01 from EGP 0.04.

Meanwhile, the revenues increased to EGP 582.56 million from EGP 541.14 million.

In January-March 2023, ElSaeed Contracting recorded consolidated net profit after tax worth EGP 54.67 million, higher than EGP 35.87 million in Q1-22, including non-controlling equity.