Cairo – Mubasher: Electro Cable Co - Egypt on Tuesday posted a 755% year-on-year hike in consolidated profits for 2018.
Net profit amounted to EGP 134.8 million in the full-year ended 31 December 2018, versus EGP 15.76 million in 2017, including minority shareholders’ rights, the company said in a filing to the Egyptian Exchange (EGX).
At the level of standalone business, profits reached EGP 6.26 million last year, versus losses of EGP 20 million a year earlier.
Electro Cable previously announced it had turned profitable during the first nine months of 2018 on the back of a growth in sales.
Consolidated profit amounted to EGP 87.8 million in the January-September period of 2018, against a net loss of EGP 12.2 million in the same period of 2017.
