Cairo – Mubasher: Elsewedy Electric Company posted consolidated net profits amounting to EGP 9.10 billion in the first half (H1) of 2024, versus EGP 6.15 billion in H1-23.
Net revenues reached EGP 102.62 billion in H1-24, up year-on-year (YoY) from EGP 69.63 billion, according to the financial statements.
In the first six months (6M) of 2024, the basic and diluted earnings per share (EPS) jumped to EGP 3.56 from EGP 2.34 in H1-23.
The company reported total assets amounting to EGP 210.42 billion at the end of June 2024, compared to EGP 151.44 billion as of 31 December 2023.
Standalone Financials
Elsewedy Electric shifted to standalone net losses after tax valued at EGP 109.90 million in January-June 2024, compared to profits amounting to EGP 1.40 billion a year earlier.
Non-consolidated revenues dropped to EGP 3.60 billion in H1-24 from EGP 4.93 billion in H1-23.
Results for Q2
The consolidated profits hit EGP 4.87 billion in the second quarter (Q2) of 2024, an annual leap from EGP 2.98 billion.
Basic EPS climbed to EGP 1.94 in Q2-24 from EGP 1.09 a year earlier, while the net revenues soared to EGP 57.37 billion from EGP 36.30 billion.
In Q1-24, the consolidated net profits of Elsewedy Electric Company hiked by 33.33% YoY to EGP 4.23 billion from EGP 3.17 billion.
