Cairo – Mubasher: The consolidated financial statements of Elsewedy Electric Co showed a 47% year-on-year (YoY) drop in its net profits, logging EGP 1.025 billion in the first half (H1) of 2020, compared to EGP 1.95 billion.
The company’s revenues fell to EGP 20.11 billion in the six-month period ended on 30 June from EGP 21.55 billion in the year-ago period, according to a bourse disclosure on Sunday.
As for standalone business, the Egyptian firm posted net profits of EGP 2.15 billion in the January-June period, up from EGP 2.083 billion in the corresponding period a year earlier.
During the first quarter (Q1) of 2020, Elsewedy Electric Co. reported EGP 463.69 million in net profits, sliding by 53% from EGP 995.5 million in Q1-19.
