Arab Finance: Gadwa for Industrial Development (GDWA) reported a 436.8% year-on-year (YoY) jump in consolidated profits attributable to the holding company in 2023 to EGP 1 billion, versus EGP 186.35 million, the firm stated.

Consolidated revenues climbed to EGP 12.246 million last year from EGP 8.012 the year prior.

As for standalone results, Gadwa posted net profits after tax of EGP 368,503 in 2023, compared to EGP 8.394 million in 2022.

Meanwhile, standalone revenues fell to EGP 8.098 million from EGP 27.231 million.

In related news, Gadwa’s board has approved increasing the issued and paid-up capital from EGP 2.004 billion to EGP 2.09 billion.

Thus, the capital shall be increased by EGP 85.87 million distributed over 45.195 million shares at a nominal value of EGP 1.90 per share.

Established in 2021, Gadwa is a Cairo-based company that operates within investments in the industrial sector.

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