Gadwa for Industrial Development’s (GDWA) consolidated net profits attributable to the holding company skyrocketed 1,263.3% year on year (YoY) in the first quarter (Q1) of 2023 to EGP 141.626 million, compared to EGP 10.388 million, as per a disclosure sent to the Egyptian Exchange (EGX) on June 1st.
The firm’s revenues saw a 79% annual growth to reach EGP 2.859 billion from January through March this year, up from EGP 1.597 billion over the same period of 2022.
Meanwhile, the firm garnered EGP 628,700 in standalone net profits after tax in Q1 2023, versus net losses of EGP 4.342 million in Q1 2022.
Established in September 2021, Gadwa is a Cairo-based company listed on the EGX that operates within investment in the industrial sector.
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