Cairo – Mubasher: The consolidated net profits after tax of Acrow Misr for Scaffolding and Formwork hit EGP 558.37 million in the first half (H1) of 2024, compared to EGP 237.55 million in H1-23.
Revenues from contracts with customers reached EGP 2.01 billion in H1-24, up year-on-year (YoY) from EGP 1.02 billion, according to the consolidated financial results.
Earnings per share (EPS) hiked to EGP 10 in the January-June 2024 period from EGP 4.28 in H1-23.
Total assets hit EGP 4.64 billion as of 30 June 2024, versus EGP 3.29 billion at the end of December 2023.
Standalone Results
In the first six months (6M) of 2024, Acrow Misr logged standalone net profits after tax valued at EGP 457.36 million, marking an annual growth from EGP 230.52 million.
Non-consolidated EPS increased to EGP 8.31 in H1-24 from EGP 4.19 in the January-June 2023 period, while the revenues enlarged to EGP 1.80 billion from EGP 895.43 million.
Financials for Q2-24
During the second quarter (Q2) of 2024, the consolidated net profit soared to EGP 158.07 million from EGP 91.22 million a year earlier, while the EPS climbed to EGP 2.80 from EGP 1.66.
The company posted revenues amounting to EGP 1.12 billion in April-June 2024, up from EGP 545.77 million in the year-ago period.
Acrow Misr registered EGP 130 million in standalone net profit during Q2-24, an annual rise from EGP 90.22 million. The revenues increased to EGP 965.97 million from EGP 471.02 million, while the EPS jumped to EGP 2.36 from EGP 1.64.
In January-March 2024, the EGX-listed firm recorded YoY higher consolidated net profits at EGP 400.29 million, compared to EGP 146.79 million.
