Cairo – Mubasher: Electro Cable Co – Egypt reported a 524% year-on-year surge in its consolidated profits during the first quarter of 2019.
Net profits amounted to EGP 65.16 million in the January-March period of 2019, compared to EGP 10.44 million in the year-ago period, the company said in a statement to the Egyptian Exchange (EGX) on Monday.
Sales hiked by 139.57% year-on-year to EGP 702.52 million in Q1-19 from EGP 293.24 million.
As for standalone business, the EGX-listed firm’s profits soared by 105.67%, logging EGP 13.45 million in the three-month period ended 31 March from EGP 6.54 million in the same period a year earlier.
For the full-year 2018, Electro Cable’s profits skyrocketed by 755% to EGP 134.8 million, compared to EGP 15.76 million in 2017, including minority shareholders’ rights.
The company’s standalone profits registered EGP 16.66 million last year, versus losses of EGP 20 million in 2017.
