Electro Cable Egypt’s 9M-23 consolidated net profits exceed $30.90mln

Electro Cable Egypt’s 9M-23 consolidated net profits exceed $30.90mln

Cairo –  Electro Cable Egypt generated consolidated net profits after tax standing at EGP 955.41 million in the first nine months (9M) of 2023, versus EGP 263.25 million in 9M-22, including minority interest.

Sales amounted to EGP 5.89 billion in 9M-23, higher year-on-year (YoY) than EGP 3.92 billion, according to the consolidated financial statements.

Earnings per share (EPS) hit EGP 0.29 in January-September 2023, compared to EGP 0.08 a year earlier.

Total assets reached EGP 8.06 billion in 9M-23, compared to EGP 4.96 billion as of 31 December 2023.

Standalone Business

Electro Cable Egypt posted standalone net profits after tax valued at EGP 210.81 million as of 30 September 2023, an annual surge from EGP 88.77 million.

Non-consolidated sales enlarged to EGP 3.26 billion in 9M-23 from EGP 2.22 billion in 9M-22, while the profit per share widened to EGP 0.05 from EGP 0.02 a year earlier.

Financials for Q3-23

During the third quarter (Q3) of 2023, the company registered EGP 416.22 million in consolidated net profit after tax, compared to EGP 72.71 million in Q3-22, including minority shareholders' rights.

The revenues hiked to EGP 2.32 billion in Q3-23 from EGP 1.61 billion during July-September 2022, while the EPS increased to