ArabFinance: Elsewedy Electric reported a 36% Year on Year decline in its consolidated net profit in the first nine months of 2020, according to the company’s November 29th financial statements filed to the Egyptian Exchange.
Consolidated net profit before minority interest stood at EGP 1,731,752,667 in the January-September period of 2020, compared to EGP 2,717,223,414 achieved in the prior-year period.
Standalone net profit reached EGP 2,079,207,130 in the January-September period of 2020, a 12% decrease from EGP 2,358,743,428 posted in the corresponding period a year earlier.
Elsewedy Electric for Trading and Distribution, a subsidiary of the listed Elsewedy Electric, signed an engineering, procurement, and construction (EPC) agreement with the Egyptian government worth $90 million (EGP 1.4 billion), according to a November 16th press release.
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