Egypt: EFIC’s consolidated profit dips to $22.65mln in 2023

Reuters/REUTERS

EFIC’s standalone net profit after tax grew by 19% year-on-year

Staff Writer, Mubasher

March 4, 2024

PHOTO

Cairo – Egyptian Financial and Industrial Company (EFIC) reported a consolidated net profit after tax of EGP 700.34 million in 2023, down from EGP 755.85 million a year earlier.

On the other hand, consolidated net sales soared to EGP 5.70 billion last year from EGP 3.67 billion in 2022, according to annual financial results.

EFIC’s standalone net profit after tax grew by 19% year-on-year (YoY) to EGP 582.14 million in 2023 from EGP 489.94 million.

In the first nine months (9M) of 2023, the company’s standalone net profits dropped 20% YoY to EGP 234.27 million from EGP 293.13 million.

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