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ElSaeed Contracting delivers growth in 9M-23 net profits

ElSaeed Contracting delivers growth in 9M-23 net profits
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Elsaeed Contracting
UEGC
2.79% 1.07 0.03

Cairo – Mubasher: ElSaeed Contracting and Real Estate Investment Company generated EGP 102.68 million in consolidated net profit after tax during the first nine months (9M) of 2023.

The recorded net profits were higher year-on-year (YoY) than EGP 97.27 million, according to the consolidated interim financial results.

Revenues amounted to EGP 2.05 billion in 9M-23, up from EGP 1.86 billion during the nine-month period that ended on 30 September 2022.

Total assets hit EGP 3.53 billion in 9M-23, versus EGP 2.96 billion as of 31 December 2022.

Standalone Business

The standalone net profits after tax surged to EGP 96.02 million during the nine-month period that ended on 30 September 2023 from EGP 95.08 million in 9M-22, while revenues jumped to EGP 2.02 billion from EGP 1.84 billion.

Profit per share hit EGP 0.11 as of 30 September 2023, an annual increase from EGP 0.10.

Financials for Q3-23

During the third quarter (Q3) of 2023, ElSaeed Contracting witnessed YoY higher consolidated net profits at EGP 31.98 million, compared to EGP 15.47 million.

The revenues hiked to EGP 728.42 million in Q3-23 from EGP 816.24 million in Q3-22.

Non-consolidated net profits after tax climbed to EGP 28.12 million in July-September 2023 from EGP 14.99 million in Q3-22, while revenues fell to EGP 712.38 million from EGP 813.26 million.

In the first half (H1) of 2023, the consolidated net profits after tax of ElSaeed Contracting dropped EGP 70.69 million from EGP 81.80 million a year earlier, including minority interest.