El Wadi switches to profits in Q1

Updated 10/23/2023 11:30:00 AM
El Wadi switches to profits in Q1

Arab Finance: El Wadi for International and Investment Development (ELWA) becomes profitable during the first quarter (Q1) of 2023, according to financial indicators filed to the Egyptian Exchange (EGX) on October 23rd.

El Wadi posted a net profit after tax of EGP 774,406 in Q1 2023, compared to a net loss of EGP 1.171 million in the same quarter a year earlier.

Revenue soared to EGP 5.914 million in the three-month period ended March 31st from EGP 2.662 million in Q1 2022.

El Wadi is an Egypt-based company engaged in the tourism investment sector. The company focuses on the establishment and operation of hotels, motels, hotel apartments, gymnasiums, and sauna facilities.

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