Arab Finance: Electro Cable Egypt (ECE) (ELEC) recorded a 694.57% year-on-year (YoY) surge in consolidated net profit attributable to the parent company for the first quarter (Q1) of 2022, according to the consolidated financial statement filed to the Egyptian Exchange (EGX) on June 1^st.

Consolidated net profit excluding minority interest reached EGP 71.53 million in Q1 2022, compared to EGP 9.002 million in Q1 2021.

Sales climbed to EGP 1.068 billion in the January-March period of the year from EGP 432.66 million in the corresponding period last year.

At the level of the standalone financial statement, the company registered a standalone net profit after tax of EGP 24.037 million in Q1 2022, rising from EGP 1.067 million in Q1 2021.

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.