Egypt: Gadwa’s consolidated profits hit $24mln in H1-24

PHOTO

Cairo – Gadwa for Industrial Development logged a net income before minorities of EGP 1.20 billion in the first half (H1) of 2024, higher by 115% than EGP 563 million in H1-23.

Revenues exceeded EGP 9 billion as of 30 June 2024, an annual hike of 80% from EGP 5.10 billion, according to a press release.

The total assets reached EGP 17.30 billion in H1-24, compared to EGP 13 billion in H1-23.

Gadwa recorded earnings per share (EPS) valued at EGP 0.81 in H1-24, versus EGP 0.38 a year earlier.

The Chairman commented: “As we hit the midpoint of 2024, we continue to see remarkable achievements. Building on the strong foundation laid in Q1, we have sustained robust financial performance, further solidifying our position as a leader in the industrial sector within the Egyptian market.”

“This success comes despite the Egyptian economy’s ongoing volatility caused by rising financing costs, and FX shortages earlier in the year, which have posed significant challenges across all industries,” he added.

In the January-March 2024 period, Gadwa posted 187% higher consolidated profits at EGP 616.59 million, compared to EGP 214.72 million in Q1-23.