Elsewedy Electric’s net income surges 73%
EARNINGS WATCH- Elsewedy Electric saw its net income jump 73% to EGP 973.8 mn in 2Q2021, compared to EGP 562.3 mn in the same period last year, according to the company’s earnings release (pdf). Revenues also rose almost 50% to EGP 13.7 bn during the three-month period, compared to EGP 9.3 bn last year.
The company’s robust performance was underpinned by its wires and cables segment, which saw sales rise 84% to EGP 6.5 bn, from EGP 3.5 bn in the corresponding period last year. Revenues from turnkey projects grew by a third to more than EGP 6 bn, while sales of other electrical products were virtually unchanged during the April-June period.
Moving forward: Elsewedy expects the strong performance to continue during the remainder of the year, putting it on track to deliver “solid” annual growth, said CEO Ahmed El Sewedy. The company expects to “begin consolidating its latest investment in Indonesia during 3Q2021 and continue to restructure its operations in Pakistan, a process which is expected to be complete by the end of 2021,” he added. Elsewedy said earlier this year that it expects to acquire majority stakes in three companies before the end of 2021.
IN OTHER EARNINGS NEWS- Arab Dairy reported a EGP 6.9 mn loss in 2Q2021, against a net income of EGP 4.25 mn in the same period last year, according to the company’s financial results (pdf). This came despite revenues rising almost 25% to EGP 336.1 mn from EGP 270.2 mn last year.