Mubasher: Elsewedy Electric Company logged consolidated net profits after tax worth EGP 5.75 billion in 2022, an annual leap from EGP 3.86 billion, including non-controlling equity.

The EGX-listed firm generated EGP 92.16 billion in revenue during the January-December 2022 period, compared to EGP 60.54 billion in 2021, according to the income statements.

Basic and diluted earnings per share (EPS) stood at EGP 2.28 in the 12-month period that ended on 31 December 2022, up from EGP 1.49 a year earlier.

Meanwhile, the total consolidated assets hit EGP 113.95 billion last year, versus EGP 68.47 billion in 2021.

Standalone Financial Results 

The standalone net profits after tax jumped to EGP 2.55 billion as of 31 December 2022 from EGP 1.11 billion a year earlier, whereas the basic and diluted EPS increased to EGP 1.13 from EGP 0.47.

Total revenues widened to EGP 7.67 billion last year from EGP 4.14 billion in 2021, while the assets enlarged to EGP 19.94 billion from EGP 14.91 billion.

Dividends

The board members greenlighted on 28 February a cash dividend distribution of EGP 0.40 per share amounting to EGP 855.74 million for 2022.

In the first nine months (9M) of 2022, Elsewedy Electric posted a 32.66% year-on-year (YoY) rise in consolidated net profit to EGP 3.33 billion, versus EGP 2.51 billion.