Cairo – Mubasher: The net income after the minority of Elsewedy Electric Company hiked by 64.20% to EGP 13.25 billion in the first nine months (9M) of 2024 from EGP 8.07 billion in 9M-23.
Total consolidated revenues hit EGP 164.80 billion as of 30 September 2024, up 51.50% year-on-year (YoY) from EGP 108.80 billion, according to the financial results.
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) amounted to EGP 24.71 billion in 9M-24, an annual surge of 62.80% from EGP 15.18 billion.
Financials for Q3-24
During the third quarter (Q3) of 2024, Elsewedy Electric generated EGP 4.81 billion in net profit after minority, higher by 91.20% YoY than EGP 2.50 billion.
The group’s revenues jumped by 58.80% to EGP 62.19 billion in Q3-24 from EGP 39.16 billion in Q3-23.
Ahmed El-Sewedy, CEO of Elsewedy Electric, commented: “Our commitment to our business model, combined with our ongoing growth strategy, has led to another quarter of robust results. In Q3-24, we maintained solid financial performance while enhancing and expanding our operations across various geographies.”
As of 30 June 2024, Elsewedy Electric recorded an annual leap in consolidated net profits to EGP 9.10 billion, compared to EGP 6.15 billion.
