Egypt: Elsewedy Electric’s consolidated profits jump to $102.5mln in Q1-23

The consolidated net profits after tax of Elsewedy Electric Company hit EGP 3.17 billion in the first quarter (Q1) of 2023, versus EGP 828.20 million in Q1-22, including minority interest.

Revenues hiked by 79.50% year-on-year (YoY) to EGP 33.33 billion as of 31 March 2023 from EGP 18.57 billion, according to the income statements.

The basic and diluted earnings per share (EPS) amounted to EGP 1.24 in Q1-23, higher than EGP 0.32 in the year-ago period.

Standalone Financial Results

In the first three months (3M) of 2023, the EGX-listed firm recorded an annual leap in standalone net profit after tax to EGP 266.34 million from EGP 12.89 million.

Non-consolidated revenues hiked to EGP 2.41 billion during Q1-23 from EGP 1.03 billion in Q1-22, while the EPS enlarged to EGP 0.124 from EGP 0.006.

Last year, Elsewedy Electric reported higher consolidated net profits after tax at EGP 5.75 billion, compared to EGP 3.86 billion in 2021, including non-controlling equity.