Egytrans reports threefold increase in bottom line for 1Q17

EARNINGS WATCH- Transport solutions provider Egytrans grew its net profit after tax more than threefold in 1Q2017 to EGP 20.3 mn, from EGP 6.1 mn 1Q2016, according to a company release (pdf). The increase comes on the back of a 282% rise in revenues, which came in at EGP 111 mn this quarter, driven by the company’s participating in major power projects. “The rate of change in our financial metrics has been significant over the last twelve months,” Egytrans Chairman Abir Leheta says. “We continued to focus our portfolio around high-margin, high rate-of-return business, implement meaningful cost reductions across our business, and strengthen our financial position, while seeing structural improvements.”