Cairo – Mubasher: Elsewedy Electric on Wednesday reported a 21% year-on-year drop in consolidated profit during the full-year 2018 due to the decline in revenues.
The Cairo-based firm’s profits logged EGP 5.11 billion last year, compared to EGP 6.48 billion in 2017, including minority shareholders’ rights, the company said in a filing to the Egyptian Exchange (EGX).
Revenues of the Arab world's largest listed cable company amounted to EGP 42.49 billion in 2018, against EGP 42.9 billion a year earlier.
In addition, the EGX-listed company posted EGP 2.24 billion in standalone profits last year, versus EGP 4.27 billion in 2017.
During the first nine months of 2018, Elsewedy Electric’s profits fell 23% year-on-year to EGP 3.57 billion, from EGP 4.6 billion in the corresponding period in 2017, including minority shareholders’ rights.
