Cairo – Mubasher: Gadwa for Industrial Development recorded an annual surge in consolidated net profit after tax to EGP 1.03 billion during the first nine months (9M) of 2023, versus EGP 232.42 million, including minority interest.

Revenues amounted to EGP 8.42 billion in 9M-23, higher by 54% than EGP 5.46 billion in 9M-22, according to the consolidated financial results.

Basic and diluted earnings per share (EPS) grew to EGP 0.70 in January-September 2023 from EGP 0.10 a year earlier.

Total assets reached EGP 12.07 billion in 9M-23, versus EGP 8.52 billion as of 31 December 2022.

Standalone Business

Gadwa achieved standalone net profits after tax amounting to EGP 16.85 million during the nine-month period that ended on 30 September 2023, compared to EGP 7.19 million in 9M-22.

Revenues stood at EGP 4.68 million in 9M-23, down year-on-year (YoY) from EGP 10.78 million.

Financials for Q3-23

During the third quarter (Q3) of 2023, the company posted consolidated net profits valued at EGP 472.81 million, marking a YoY leap from EGP 65.75 million.

The revenues hiked to EGP 3.35 billion in Q3-23 from EGP 2.09 billion in Q3-22, while the basic and diluted EPS increased to EGP 0.32 from EGP 0.03.

Non-consolidated net profits after tax dropped to EGP 2.63 million in July-September 2023 from EGP 15.72 million a year earlier, while the revenues plummeted to EGP 4.65 million from 10.78 million.

Waled Mohamed Zaki Ibrahim, Chairman of Gadwa, noted: “Despite numerous challenges facing the industrial sector, the company remained resilient and achieved positive results during 9M-23.”

“The Wires and Cables sector remained the company's largest contributor, generating 64% of total revenues during the period,” Ibrahim added.

In the first half (H1) of 2023, the consolidated net profits after tax of Gadwa enlarged to EGP 562.58 million from EGP 166.67 million in H1-22, including non-controlling equity.