IEEC’s profits inch down 9% YoY in Q1 2024

Updated 5/27/2024 2:50:00 AM
IEEC’s profits inch down 9% YoY in Q1 2024

Arab Finance: Industrial and Engineering Enterprises Co (IEEC) posted an 8.8% year-on-year (YoY) decline in net profits after tax during the first quarter (Q1) of 2023, as per a disclosure on May 27th.

Net profits went down to EGP 747,872 in Q1 2024 from EGP 819,629 in Q1 2023.

Meanwhile, operating revenues decreased to EGP 55.297 million from EGP 66.414 million.

Industrial and Engineering Enterprises undertakes public contracting activities and specifically civil constructions as well as supplying and assembling mechanical and electrical equipment for water draining, drinking water stations, irrigation, and subterranean drainage.

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