Cairo – Mubasher: Electro Cable Egypt posted consolidated net profits after tax worth EGP 542.24 million in 2022, an annual leap from EGP 224.62 million, including non-controlling equity.
The sales hit EGP 5.69 billion last year, higher than EGP 2.66 billion in 2021, according to the income statements.
Earnings per share (EPS) increased to EGP 0.15 as of 31 December 2022 from EGP 0.06 a year earlier, while the total assets hiked to EGP 4.96 billion from EGP 3.50 billion.
Standalone Financial Results
The company’s standalone net profits after tax jumped to EGP 141.31 million in 2022 from EGP 72.90 million in 2021, whereas the sales enlarged to EGP 3.15 billion from EGP 1.42 billion.
Non-consolidated EPS grew to EGP 0.03 last year from EGP 0.01 during January-December 2021, while the total assets went up to EGP 2.58 billion from EGP 2.01 billion.
Capital Reduction
The board of Electro Cable decided to reduce the company’s issued and paid-up capital by EGP 30.51 million to EGP 680.92 million from EGP 711.44 million.
In order to carry out the capital cut process, the EGX-listed firm will cancel 152.59 million treasury shares at a nominal value of EGP 0.20 per share.
In the first nine months (9M) of 2022, the company generated EGP 263.25 million in consolidated net profit after tax, up from EGP 147.26 million in 9M-21, including minority interest.
