Back to the complete issue
Thursday, 10 February 2022

Earnings watch: Elsewedy Electric revenues up by a third in 2021

Elsewedy Electric booked EGP 3.5 bn in net income in 2021, up 16.7% y-o-y, while revenues for the full year rose 30.5% y-o-y to EGP 60.5 bn, according to the company’s earnings release (pdf). For the fourth quarter of 2021, net income fell 4.3% y-o-y to EGP 1.2 bn. Revenues for the quarter came in at EGP 19.7 bn, up 31.6% y-o-y.

Wires + cables segment underpinning growth: The company’s quarterly and full-year performance was buoyed largely by its wires and cables segment. Revenues from turnkey projects also rose in the final quarter and for the full year.

Looking ahead: Elsewedy Electric expects to continue taking on projects as part of the government’s infrastructure development strategy, management said. “We are well positioned for growth in the years ahead and possess all the necessary resources” to capitalize on the potential from government expansion plans, CEO Ahmed El Sewedy said.

SEPARATELY- El Sewedy is also pushing ahead with Africa-wide expansion plans:

  • The company’s board signed off yesterday on setting up a new company branch in Burkina Faso, according to a disclosure (pdf). No further details were provided.
  • The company is also reportedly in talks with Afreximbank over a EUR 50 mn hotel project in Comoros, for which Afreximbank would provide finance to the Comoros government, Hapi Journal quoted Regional Intra-African Trade Finance Manager Ayman El Zoghby as saying. Contracts could be signed next month.

ALSO REPORTING RESULTS- Dana Gas’ oil production in Egypt fell 7% to 28.3k barrels of oil equivalent per day in 2021 due to natural field depletion, the company said in its earnings release (pdf) yesterday. The company said last month that its collections from Egypt more than doubled to USD 184 mn last year, reducing our arrears to their lowest level since the company started operating here in 2007.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.