ElSewedy Electric's profits rise 66% in Q1 of 2021

CAIRO – 17 May 2021: Elsewedy Electric Company’s (SWDY) consolidated profits rose by 66 percent during the first quarter of 2021, on an annual basis.

It recorded a net profit of LE 769.49 during the first quarter of 2021, compared to profits of LE 463.69 million during the first quarter of 2020, taking into account minority rights.

During the period, the stake of the shareholders of the parent company was LE 700.06 million, compared to profits of LE 400.07 million.

“While non-controlling rights recorded about LE 69.42 million, compared to LE 63.61 million in the comparative quarter of last year,” it added.

The company's revenues rose to LE 12.29 billion, compared to revenues of LE 10.77 billion during the 2020 comparison period.

As for standalone results, the Company recorded losses during the first quarter of LE 63.16 million, compared to profits of LE 38.24 million during the comparative quarter of 2020.

During 2020,  Elsewedy Electric Company’s consolidated results showed a 24.8 percent decline in its profits during 2020, recording LE 3.02 billion, compared to LE 4.02 billion in 2019.

The indicators showed that revenues dropped to LE 46.4 billion, compared to LE 46.62 billion during 2019.

As for standalone results, the company recorded profits of LE 2.29 billion during 2020, compared to LE 2.41 billion during 2019.

During the first nine months of 2020, El Sewedy Electric achieved profits of LE 1.93 billion, compared to profits of LE 2.78 billion in the same period of 2019, including minority rights.

Elsewedy Electric operates within the capital goods sector focusing on electrical components and equipment.

It has 37 subsidiaries operating across Northern Africa, Eastern Africa, Middle East and Southern Europe.