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Wednesday, 21 November 2018

Earnings watch: Elsewedy Electric’s net profit and revenues fall in 3Q2018

EARNINGS WATCH- Elsewedy Electric’s consolidated net profit fell to EGP 1.16 bn in 3Q2018 from EGP 1.58 bn during the same quarter last year, the company said in its earnings release (pdf). The company’s consolidated revenues for the quarter also fell to EGP 10.21 bn from EGP 11.46 bn the previous year, which the company attributed largely to lower revenues from turnkey projects. Elsewedy’s “core wires and cables business is providing the growth expected from a mature anchor segment as margins at our younger segments stabilize at normalized range,” CEO Ahmed Elsewedy said. Looking ahead, Elsewedy expects demand for infrastructure in the GCC and Africa continuing to grow at a fast clip. “Having secured our turnkey backlog for the coming two-and-a-half years, management is actively exploring the options for expansion, whether organically by extending our geographic reach, or through the synergies to be had by acquisitions.”

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