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Suez Canal Technology delivers growth in H1-23/24 financial results

Suez Canal Technology delivers growth in H1-23/24 financial results
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Cairo – Mubasher: Suez Canal Company for Technology Settling achieved consolidated net profits after tax amounting to EGP 716.75 million in the first half (H1) of fiscal year (FY) 2023/2024.

The recorded net profits were higher year-on-year (YoY) than EGP 608.40 million, including minority interest, according to the financial results.

Revenues surged YoY to EGP 1.18 billion as of 29 February 2024 from EGP 875.14 million, while the earnings per share (EPS) climbed to EGP 7.86 from EGP 6.67.

Total consolidated assets amounted to EGP 4.31 billion at the end of February 2024, up from EGP 4 billion as of 31 August 2023.

Standalone Financials 

In the first six months (6M) of FY23/24, the EGX-listed firm’s standalone profits after tax enlarged to EGP 763.28 million from EGP 681.31 million in the year-ago period, while the EPS increased to EGP 8.27 from EGP 7.40.

Non-consolidated revenues widened to EGP 688.56 million in H1-23/34 from EGP 596.28 million a year earlier.

Income Results for Q2-23/24

In the second quarter (Q2) of FY23/24, Suez Canal Technology generated consolidated net profits after tax valued at EGP 171.58 million, an annual decline from EGP 197.36 million, including non-controlling interest.  

Revenues hiked to EGP 442.87 million in Q2-22/23 from EGP 302.62 million a year earlier, while the EPS dropped to EGP 1.88 from EGP 2.17.

As for the standalone business, the net profits hit EGP 47.16 million, while the revenues reached EGP 2.93 million.

In Q1-24/23, the EGX-listed firm recorded an annual hike in consolidated profit after tax to EGP 545.17 million, compared to EGP 411.03 million.