Electro Cable Egypt’s consolidated profit soars 182.6% YoY in Q1
Updated 5/30/2023 1:41:00 AM
Arab Finance: Electro Cable Egypt (ECE) recorded a 182.63% year-on-year (YoY) surge in consolidated net profit attributable to the parent company for the first quarter (Q1) of 2023, according to the consolidated financial statement filed to the Egyptian Exchange (EGX) on May 30th.
Consolidated net profit excluding minority interest reached EGP 202.171 million in Q1 2023, compared to EGP 71.532 million in Q1 2022.
Sales climbed to EGP 1.533 billion in the January-March period of this year from EGP 1.068 billion in the corresponding period last year.
At the level of the standalone financial statement, the company registered a standalone net profit after tax of EGP 60.145 million in Q1 2023, rising from EGP 24.037 million in Q1 2022.
Electro Cable is an Egypt-based public shareholding company that operates in the electric components manufacturing sector. The company manufactures and distributes power and telecommunication cables and wires in Egypt and abroad.
Its product portfolio includes low-, medium-, and high-tension power cables, isolated cables, and telephone communication cables.
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