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Gadwa’s consolidated profit soars 187% YoY in Q1-24

Gadwa’s consolidated profit soars 187% YoY in Q1-24
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Cairo – Mubasher: The consolidated net profit of Gadwa for Industrial Development jumped by 187% year-on-year (YoY) to EGP 616.59 million in the first quarter (Q1) of 2024 from EGP 214.72 million in Q1-23.

Consolidated revenues soared to EGP 4.48 billion in Q1-24 from EGP 2.85 billion in Q1-23, according to the interim financial results.

Standalone Results

The company’s standalone net profit rose to EGP 426.68 million in the first three months (3M) of 2024 from EGP 139.39 million in the equivalent period the year before.

Gadwa’s consolidated net profit jumped to EGP 1.45 billion in 2023 from EGP 354.98 million a year earlier.