Electro Cable reports net profit plunge
Updated 2/28/2021 12:48:00 PM
ArabFinance: Electro Cable Egypt (ELEC) posted a net profit of EGP 133.5 million in 2020, lower 19.9% when compared to EGP 166.77 million in 2019, including minority shareholders’ rights, according to the company’s statement to the Egyptian Exchange on February 28th.
As for standalone business, the company’s net profit increased to EGP 65.41 million in 2020, compared to EGP 35.67 million the year before.
The company posted a 10% Year on Year decline in its consolidated net profit in the first nine months of 2020, recording EGP 104 million, compared to EGP 116 million in the same period of 2019.
Electro Cable is an Egypt-based public shareholding company that operates in the electric components manufacturing sector. The company manufactures and distributes power and telecommunication cables and wires in Egypt and abroad. Its product portfolio includes low, medium, and high-tension power cables, isolated cables, and telephone communication cables.
