ICON’s consolidated profit hits $9.3mln in Q1-24

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Industrial Engineering Company for Construction and Development (ICON) logged a consolidated net profit of EGP 449.08 million in the first quarter (Q1) of 2024 from EGP 173.25 million in Q1-23.

Revenues from contracts with clients surged to EGP 1.27 billion in Q1-24 from EGP 711.50 million in Q1-23, according to the interim financial results.

The earnings per share (EPS) hit EGP 2.484 in the three-month period that ended on 31 March 2024, a leap from EGP 0.966 in the corresponding period a year earlier.

Standalone Results

ICON’s turned to a standalone net loss of EGP 14.31 million in the January-March period, versus a net profit of EGP 35.10 million in the comparative period the year before.

Standalone revenues dropped to EGP 52.19 million in Q1-24 from EGP 314.04 million in Q1-23.

In 2023, ICON posted a net consolidated profit after tax of EGP 423.59 million, up from EGP 145.41 million the year before.