Egypt: Gadwa sees 49% higher profits in 9M-24; revenues cross $290mln

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Cairo – Gadwa for Industrial Development recorded consolidated net profits valued at EGP 1.54 billion in the first nine months (9M) of 2024, an annual rise of 49% from EGP 1.03 billion.

Revenues hit EGP 14.43 billion as of 30 September 2024, up 71% year-on-year (YoY) from EGP 8.42 billion, according to the financial results.

Earnings per share (EPS) increased to EGP 1 in 9M-24 from EGP 0.70 during the same period in 2023.

Total assets jumped by 19% to EGP 19.12 billion as of 30 September 2024 from EGP 13.02 billion in 2023, while shareholders’ net worth climbed to EGP 4.70 billion from EGP 3.80 billion.

Financials for Q3-24

In the third quarter (Q3) of 2024, the consolidated net profit amounted to EGP 333.30 million, down YoY from EGP 472.81 million.

Revenues hiked to EGP 5.33 billion in Q3-24 from EGP 3.35 billion in Q3-23, while the EPS plunged to EGP 0.19 from EGP 0.32.

During the first half (H1) of 2024, the net income before minorities soared by 115% YoY to EGP 1.20 billion from EGP 563 million.