Cairo – Mubasher: Gadwa for Industrial Development posted higher consolidated net profits after tax at EGP 562.58 million in the first half (H1) of 2023, compared to EGP 166.67 million a year earlier, including non-controlling equity.
Revenues hit EGP 5.06 billion in January-June 2023, versus EGP 3.36 billion in H1-22, according to the consolidated income statements.
The earnings per share (EPS) stood at EGP 0.38 in H1-23, up from EGP 0.07 in H1-22.
As of 30 June 2023, the total assets amounted to EGP 10.38 billion.
Standalone Business
In the first six months (6M) of 2023, Gadwa swung to standalone net profits valued at EGP 14.22 million, against net losses of EGP 8.52 million in 6M-22.
The profit per share hit EGP 0.012 in H1-23, versus a loss per share of EGP 0.008 in H1-22.
Financials for Q2-23
In the second quarter (Q2) of 2023, the company registered a year-on-year (YoY) jump in consolidated net profit after tax to EGP 347.86 million from EGP 123.49 million, including minority shareholders’ rights.
Operating revenues climbed to EGP 2.20 billion in April-June 2023 from EGP 1.77 billion during the same period in 2022, while the EPS enlarged to EGP 0.25 from EGP 0.06.
As for the standalone business, the company also turned profitable at EGP 13.59 million in Q2-23, against net losses standing at EGP 4.18 million in Q2-22. Non-consolidated EPS reached EGP 0.11, compared to a loss per share worth EGP 0.004.
In the January-March 2023 period, Gadwa registered EGP 214.72 million in consolidated net profits after tax, higher than EGP 43.17 million in Q1-22, including minority interest.
