Cairo – Mubasher: Industrial Engineering Company for Construction and Development (ICON) generated consolidated net profits of EGP 643.80 million in the first half (H1) of 2024, an annual rise from EGP 267.61 million.

Revenues from contracts with customers reached EGP 2.79 billion in H1-24, up year-on-year (YoY) from EGP 1.37 billion, according to the consolidated financial results.

The earnings per share (EPS) increased to EGP 3.57 as of 30 June 2024 period from EGP 1.49 in H1-23.

Standalone Results

In the first six months (6M) of 2024, ICON turned to standalone net losses after tax valued at EGP 11.11 million, compared to profits amounting to EGP 42.70 million in 6M-23.

Non-consolidated loss per share hit EGP 0.07 in H1-24, against EGP 0.29 in the January-June 2023 period.  Meanwhile, the revenues plummeted to EGP 68.17 million from EGP 482.64 million.

Financials for Q2-24

During the second quarter (Q2) of 2024, the consolidated net profit soared to EGP 194.72 million from EGP 94.35 million a year earlier, while the EPS climbed to EGP 1.09 from EGP 0.52.

The EGX-listed firm posted revenues amounting to EGP 1.51 billion in April-June 2024, up from EGP 659.89 million in the year-ago period.

ICON registered EGP 3.19 million in standalone net profit during Q2-24, an annual plunge from EGP 10.49 million. The revenues dropped to EGP 15.98 million from EGP 168.59 million.

In Q1-24, the consolidated profits of ICON jumped YoY to EGP 449.08 million from EGP 173.25 million.