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Acrow Misr posts 334.5% surge in H1-23 consolidated profits

Acrow Misr posts 334.5% surge in H1-23 consolidated profits
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Acrow Misr
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Cairo – Mubasher: Acrow Misr for Scaffolding and Formwork recorded 334.40% higher consolidated net profits at EGP 235.80 million in the first half (H1) of 2023, versus EGP 54.28 million in H1-22.

Sales climbed by 36.70% year-on-year (YoY) to EGP 1.02 billion as of 30 June 2023, compared to EGP 749.71 million, according to the income statements.

The basic earnings per share (EPS) increased to EGP 4.28 in H1-23 from EGP 0.99 a year earlier.

Standalone Financials 

Acrow Misr posted a 331.80% YoY hike in standalone net profit to EGP 230.52 million during the first six months (6M) of 2023, compared to EGP 53.39 million.

Non-consolidated revenues amounted to EGP 895.43 million in H1-23, higher by 39.40% than EGP 642.57 million a year earlier.

The basic EPS stood at EGP 4.18 in H1-23, up from EGP 0.97 in the January-June 2022 period.

In the first quarter (Q1) of 2023, the EGX-listed firm logged consolidated net profits after tax valued at EGP 146.79 million, versus EGP 23.59 million in Q1-22, including non-controlling interest.