Cairo – Mubasher: The consolidated income statements of Elsewedy Electric Co showed a growth of 64% in profits during the fiscal year 2017 compared to the previous year.
Earnings soared to EGP 6.4 billion in FY17 from EGP 3.9 billion in FY16, according to a filing to the Egyptian Exchange (EGX) on Wednesday.
The Arab world's largest listed cable company noted that the leap in FY17 profits is attributed to higher revenues of EGP 42.9 billion compared to EGP 24.6 billion in FY16.
The standalone profits increased to EGP 4.2 billion in FY17 from EGP 975.6 million in FY16, the statement noted.
It is noteworthy that during the nine-month period ended in September 2017, Elsewedy posted an increase in profits to EGP 1.56 billion from EGP 746.6 million in the same period in FY16.
