Elsewedy Electric's profit surges 66% in Q1

Revenues increased

  
Image used for illustrative purpose. The South Cairo Electricity Distribution Company and power station is pictured at the Imbaba area in Cairo, September 26, 2014.

Image used for illustrative purpose. The South Cairo Electricity Distribution Company and power station is pictured at the Imbaba area in Cairo, September 26, 2014.

REUTERS/Amr Abdallah Dalsh
Cairo – Mubasher: Elsewedy Electric Co. reported consolidated net profits of EGP 769.49 million in the first quarter (Q1) of 2021, up by 66% year-on-year (YoY) from EGP 463.69 million in the year-ago period, including minority shareholders’ rights.

The company’s revenues increased to EGP 12.29 billion in the January-March period, compared to EGP 10.77 billion in the corresponding period a year earlier, according to a bourse disclosure on Monday.

As for standalone business, the company turned to net losses of EGP 63.16 million in Q1-21, against net profits of EGP 38.24 million in Q1-20.

In 2020, Elsewedy Electric logged net profits of EGP 3.02 billion, down from EGP 4.02 billion in 2019.

Source: Mubasher

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