Cairo – Mubasher: Elsewedy Electric Co on Wednesday reported a 111% year-on-year hike in profits for the third quarter of 2017 due to higher revenues.
Net profit amounted to EGP 1.56 billion in Q3-17, versus EGP 746.6 million in Q3-16, the company said in a filing to the Egyptian Exchange (EGX).
Revenues grew to EGP 11.4 billion in Q3-17, compared to EGP 4.8 billion in the corresponding period of 2016.
In the first nine months of 2017, profits rose to EGP 4.6 billion from EGP 2.4 billion in the prior-year period.
Standalone profits levelled up to EGP 2.5 billion in the nine-month period of 2017 from EGP 894.2 million in the year-ago period.
Elsewedy had previously posted a net profit of EGP 1.5 billion in the three-month period ended June 2017, versus EGP 893.04 million in Q2-16, including minority shareholders’ rights.
Net profits rose to EGP 3.05 billion in the first half of 2017 from EGP 1.66 billion in H1-16.