Cairo – Mubasher: Elsewedy Electric on Monday reported a 23% year-on-year drop in its consolidated profits during the first nine months of 2018.
The company recorded a net profit of EGP 3.57 billion in the January-September period of this year, versus EGP 4.6 billion in the year-ago period, including minority shareholders’ rights, according to a filing to the Egyptian Exchange (EGX).
Revenues narrowed to EGP 30.3 billion in the nine-month period ended September, compared to EGP 32.11 billion in the prior-year period.
Meanwhile, standalone profits shrank to EGP 1.9 billion from EGP 2.57 billion in the corresponding nine-month period of 2017.
Elsewedy Electric previously posted a 20.9% year-on-year decline in its consolidated profits during the first half of 2018, registering a net profit of EGP 2.41 billion from EGP 3.05 billion.
