EARNINGS WATCH- Elsewedy Electric reported a 209% y-o-y increase in its consolidated net profit after minority interest to EGP 3.9 bn in 2016, according to its earnings filing. Revenues rose 30% y-o-y to EGP 24.6 bn during the year, the company said in its earnings release, which quotes CEO Ahmed El Sewedy as saying, “Our performance in 2016 speaks volumes of what a well-managed, export-driven, multi-country corporation can achieve when it is supported by the right macroeconomic framework and policies. Our company today is more competitive, more profitable and is ideally positioned to unlock future growth not just domestically, but on a regional and global scale.”

Elsewedy Electric also submitted a request to decrease its issued and paid-up capital to EGP 2.18 bn from EGP 2.23 bn, according to an EGX filing. The company intends to scrap 5 mn treasury shares worth EGP 10 per share. Separately, Elsewedy Cables signed a QAR 124 mn contract with Qatar General Electricity and Water Corporation to supply and install high voltage ground cables, according to a filing with the EGX.

Orascom Development Company reported a consolidated net loss attributable to shareholders of CHF 196.4 mn in 2016, compared with a net loss of CHF 19.1 mn in 2015, the company said in its earnings filing. Real estate revenues reached CHF 65.4 mn in 2016 compared with CHF 66.4 mn in 2015.

Raya Holding reported consolidated net profits of EGP 118.1 mn in 2016, up from EGP 103.8 mn in 2015, according to a bourse filing.