ICON’s consolidated profits peak 429% YoY in Q1
Updated 7/31/2023 11:53:00 AMArab Finance: Industrial Engineering Company for Construction and Development’s (ICON) consolidated net profits attributable to the parent company rose 428.5% year on year (YoY) in the first quarter (Q1) of 2023, reaching EGP 140.605 million, versus EGP 24.139 million, according to a filing on July 31st.
Operating revenues surged to EGP 124.361 million in the three-month period, compared to EGP 28.794 million during the same period of last year.
However, standalone results showed net losses after tax of EGP 641,445 in Q1 2023, against net profits of EGP 5.456 million in Q1 2022.
It also revealed net operating losses of EGP 1.393 million from January to March, compared to EGP 17.006 in revenues over the same months in 2022.
ICON is an Egypt-based company engaged in manufacturing and producing several types of steel-sheet-related products.
The company’s products include sandwich steel panels, caravans, guard rails, purlins, pre-fabricated units, corrugated sheets, galvanized tubes and pipes, aluminum windows, and doors.
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