Cairo – Mubasher: Elsewedy Electric’s consolidated net profits for the first quarter of 2016 surged 159.3% year-on-year, according to a bourse filing.
Its earnings leapt to EGP 767.73 million ($86.67 million) from EGP 259.99 million ($29.35 million), the bourse filing indicated.
According to its Q1 standalone results, the company turned a profit after registering EGP 24.2 million profits against a net loss of EGP 287.2 million for the year-ago quarter.
Over the course of 2015, the company’s earnings soared 203% year-over-year to EGP 1.35 billion from EGP 445 million.
