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Wednesday, 29 May 2019

Earnings watch: Elsewedy Electric net profits fall 32% in 1Q2019

EARNINGS WATCH- Elsewedy Electric reported a 32% y-o-y drop in net profit to EGP 957.2 mn in 1Q2019, down from EGP 1.4 bn in 1Q2018, the company said in its earnings release (pdf). Revenues for the quarter grew 12% y-o-y to EGP 11.2 bn from EGP 9.9 bn in 2018. Revenue growth was driven primarily by turnkey projects, which rose by 33% y-o-y during the quarter. “The first quarter of 2019 saw Elsewedy Electric return to steady top-line growth after three consecutive quarters of contracting revenue during 2018, a year of normalization,” CEO Ahmed Elsewedy said, adding that the company is “aggressively moving” to develop its turnkey segment in Africa, Asia and the GCC.

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