El Wadi switches to profits in Q1 2024

El Wadi posted net profits after tax of EGP 1.712 million in Q1 2023, compared to net losses of EGP 1.918 million in the same quarter a year earlier

Staff Writer, Arab Finance

May 21, 2024

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El Wadi for International and Investment Development (ELWA) became profitable during the first quarter (Q1) of 2024, according to unaudited financial indicators on May 21st.

El Wadi posted net profits after tax of EGP 1.712 million in Q1 2023, compared to net losses of EGP 1.918 million in the same quarter a year earlier.

Revenues grew to EGP 26.236 million in the three-month period ended March 31st this year from EGP 16.212 million in the corresponding period last year.

El Wadi is an Egypt-based company engaged in the tourism investment sector. The company focuses on the establishment and operation of hotels, motels, hotel apartments, gymnasiums, and sauna facilities.

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