Elsewedy Electric reported a 1.4% y-o-y dip in 3Q2020 NP to EGP 817 mn from EGP 829 mn the year before, according to a company earnings release (pdf). Revenues during the three-month period fell 12.6% to EGP 11.3 bn from EGP 12.9 bn last year. On a nine-month basis, Elsewedy recorded NP of EGP 1.73 bn, down 36.3% y-o-y, while the company’s 9M2020 revenues fell 8.9% to EGP 31.47 mn thanks largely to covid-19. The company’s topline continued to be supported by growth in turnkey projects, which rose 10% y-o-y in 9M2020 to EGP 14.6 bn.

Looking forward: “Following the national and global disruptions associated with covid-19 during 1H2020, the third quarter has seen a strong recovery,” said CEO Ahmed Elsewedy. The growth was attributed in part to sustainable revenues generated by the company’s turnkey projects. Elsewedy also noted the potential of one of the company’s major projects, Tanzania’s Rufiji Dam 2.1 GW hydropower plant, which is on schedule as planned, adding “the works Elsewedy has executed to date have been more than up to international standards, while the associated collections have been solid.”