ArabFinance: Electro Cable Egypt (ELEC) reported a 4.4% Year on Year decline in its consolidated net profit in the first half (H1) of 2020, according to the company’s August 30th financial statements filed to the Egyptian Exchange.

Consolidated net profit before minority interest stood at EGP 82,139,149 in H1 2020, compared to EGP 85,952,069 achieved in H1 2019.

Standalone net profit reached EGP 57,448,959 in H1 2020, an 171% rise from EGP 21,170,914 posted in H1 2019.

The company decided to sell its industrial land plot which is untapped. The land area is about 25,430 square meter that would be sold at a price of EGP 4,650 per square meter.

The market value of the land amounts to EGP 336 million according to the fair value study prepared by Riqueza Financial Consultancy, the independent financial advisor.

Electro Cable is an Egypt-based public shareholding company that operates in the electric components manufacturing sector. The company manufactures and distributes power and telecommunication cables and wires in Egypt and abroad. Its product portfolio includes low, medium and high tension power cables, isolated cables, and telephone communication cables.

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