Elsewedy Electric revenues surge 97% in H1

CAIRO – 16 August 2017: Elsewedy Electric’s revenues hiked 97 percent to LE 20.65 billion ($1.16 billion) in the first six months of this year. Net profit increased 84.6 percent to LE 3 billion from LE 1.6 billion in the same period last year.

Higher revenues were driven by its wires and cables and turnkey projects segments, as well as the exchange of international and export revenues denominated by foreign currencies into local currency, a Wednesday statement said.

The company’s gross profit climbed 94 percent to reach LE 4.7 billion during the first half of 2017.

Sales and general and administrative expenses reached LE 1.18 billion in H1, representing 5.7 percent of sales compared to LE 561.9 million in H1 of 2016; representing 5.3 percent of sales.

Earnings before interest, taxes, depreciation and amortization (EBITDA) advanced 85 percent to register LE 3.9 billion in H1 of 2017.

Net debt fell 13.7 percent quarter-on-quarter to LE 3.3 billion compared to LE 3.8 billion by March 31.

Elsewedy Electric is the leading wires and cables and integrated energy solution provider in the Middle East and Africa.