Elsewedy Electric profits skyrocket in Q3 to LE 1.5B

CAIRO – 15 November 2017: Local electric technology company Elsewedy Electric’s profits soared 111 percent year-on-year in the third quarter (Q3) of fiscal year (FY) 2016/17, the company announced Wednesday.

In a statement to the Egyptian Exchange, the profits registered LE 1.56 billion ($88.4 million) in Q3, compared to LE 746.6 million in the same period in 2016.

Elsewedy Electric’s revenues were LE 11.4 billion in Q3, significantly up from LE 4.8 billion in Q3 2016.

With regards to the first half of 2017, Elsewedy Electric’s revenues hiked 97 percent to LE 20.65 billion, while net profits increased 84.6 percent to LE 3 billion from LE 1.6 billion in the same period last year.

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