ElSewedy Electric decides to establish branches in Burkina Faso, achieves LE3.8B profits

CAIRO - 9 February 2022: The board of directors of El Sewedy Electric has agreed to establish branches in Burkina Faso to carry out all activities approved by the competent authorities.

The company said in a statement to the Egyptian Stock Exchange (EGX), Wednesday, that the board approved the report of the board of directors on the company’s activity for the financial year ending on December 31, 2021, and also approved the draft of the company’s consolidated and independent financial statements.

El Sewedy Electric achieved consolidated profits of LE 3.8 billion during 2021, compared to profits of 3.3 billion in 2020.

As for the standalone profits, the company recorded profits of LE1.1 billion during 2021, compared to LE 2.3 billion during 2020.

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.