Earnings watch: Elsewedy Electric, Oriental Weavers, Domty
EARNINGS WATCH- Elsewedy Electric’s net profit dropped 22.2% to EGP 2.7 bn in 9M2019, down from EGP 3.5 bn during the same period last year, the company said in its earnings release (pdf). Revenues during the first nine months of 2019 increased 14.0% y-o-y to EGP 34.5 bn, which the company says was driven primarily by its turnkey projects segment, which compensated for a drop in revenues from the core wires and cables segment. The turnkey segment helped the company “consolidate our position as an industry leader, not solely in our core Egyptian market but across our expanding geographic footprint … with several EPC projects being rolled out across Egypt, the GCC and our new market of Tanzania providing a dynamic source of new value,” CEO Ahmed El Sewedy said. Elsewedy began commercial operations at its solar power plant in Aswan’s Benban park during 3Q2019, and has “moved beyond the mobilization phase” at its hydroelectric dam and power station project in Tanzania.
Oriental Weavers’ 3Q2019 net profits before tax increased 18.3% to EGP 160.4 mn, up from EGP 135.6 mn in the comparable quarter last year, according to a bourse disclosure (pdf). The company’s 9M2019 profits rose 36.9% to EGP 597 mn. Revenues during the third quarter of the year reached EGP 2.3 bn, while 9M2019 revenues dipped 0.2% y-o-y to EGP 7.583 bn.
Domty 3Q2019 net profits jump 47% y-o-y: Arabian Food Industries (Domty) reported 3Q2019 net profit of EGP 50.7 mn, compared to EGP 34.7 mn a year earlier, the company said in a bourse filing (pdf). Revenues came in at EGP 720.2 mn, compared to EGP 691.2 mn during the same period last year.