Egypt: Acrow Misr’s consolidated profits near $15mln in 9M-24

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Acrow Misr for Scaffolding and Formwork posted higher consolidated net profits after tax at EGP 748.38 million in the first nine months (9M) of 2024, versus EGP 347.08 million in 9M-23.

The revenues amounted to EGP 3.18 billion as of 30 September 2024, up year-on-year (YoY) from EGP 1.80 billion, according to the financial statements.

Earnings per share (EPS) enlarged to EGP 13.50 in 9M-24 from EGP 6.20 in 9M-23.

Standalone Results

Non-consolidated net profit after tax stood at EGP 640.19 million in January-September 2024, marking an annual leap from EGP 253.17 million.

Revenues from contracts with customers surged to EGP 2.83 billion in 9M-24 from EGP 1.49 billion a year earlier, while the basic and diluted EPS climbed to EGP 11.63 from EGP 4.60.

Financials for Q3-24

In the third quarter (Q3) of 2024, the EGX-listed firm generated consolidated net profits worth EGP 190 million, up YoY from EGP 109.52 million.

During the three-month period that ended on 30 September 2024, the revenues increased to EGP 1.16 billion from EGP 779.61 million in Q3-23, while the EPS jumped to EGP 3.50 from EGP 1.92.

As for the standalone earnings, the net profits after tax hit EGP 182.83 million in Q3-24, while the revenues stood at EGP 1.03 billion.

In the first half (H1) of 2024, Acrow Misr recorded an annual leap in consolidated profit to EGP 558.37 million, compared to EGP 237.55 million.