Arab Finance: Industrial Engineering Company for Construction and Development’s (ICON) consolidated net profits after tax and minority interest jumped 157% year on year (YoY) to EGP 361.416 million in the first quarter (Q1) of 2024, compared to EGP 140.605 million, according to the financial indicators.
Likewise, sales surged to EGP 1.277 billion during the three months ended March 31st, versus EGP 711.507 million during the same period last year.
However, the firm recorded standalone net losses of EGP 14.313 million in Q1 2024, against EGP 35.101 million in net profits in Q1 2023.
Meanwhile, standalone revenues fell 83% YoY to EGP 52.192 million from EGP 314.044 million.
ICON is an Egypt-based company engaged in manufacturing and producing several types of steel-sheet-related products.
The company’s products include sandwich steel panels, caravans, guard rails, purlins, pre-fabricated units, corrugated sheets, galvanized tubes and pipes, aluminum windows, and doors.