Cairo – Mubasher: Elsewedy Electric reported a 30.4% year-on-year decline in its consolidated profits during the first quarter of 2019.
The Cairo-based firm’s net profits stood at EGP 955.51 million in the January-March period of 2019, compared to EGP 1.431 billion in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Tuesday.
Year-on-year, the company’s costs of revenues rose by 14.05% to EGP 9.413 billion in the three-month period ended 31 March from EGP 8.254 billion.
As for standalone business, profits of the Arab world's largest listed cable company retreated 58.5%, registering EGP 17.61 million in Q1-19, compared to EGP 42.45 million in Q1-18.
For the full-year 2018, Elsewedy Electric logged a net profit of EGP 5.11 billion from EGP 6.48 billion in the previous year, including minority shareholders’ rights.
Revenues amounted to EGP 42.49 billion last year, compared to EGP 42.9 billion in 2017.
