Elsewedy Electric reported record revenues in 2Q 2022 thanks to price hikes and a weaker EGP, it said in its earnings release (pdf) yesterday. Revenues rose almost 50% to EGP 20.4 bn during the April-June quarter, driving a 27% increase in net income, which reached EGP 1.1 bn

Wire and cables + turnkey segments underpinning growth: Revenues from Elsewedy’s wires and cables segment grew 48% y-o-y to reach EGP 9.7 bn in 2Q after it “significantly” raised prices. The devaluation of the EGP also boosted overseas sales, it said. Turnkey project revenues rose 44% y-o-y to reach EGP 8.6 bn due to the company executing on a greater number of projects in Egypt and Tanzania. The two segments together contributed 90% of the company’s revenues.

Elsewedy is future-proofing against global market turmoil: Inventory rose almost 50% to EGP 19.5 bn during the first six months of the year, as the company continues to build up its stock of raw materials to safeguard against global supply-chain disruptions. Elsewedy more than doubled its net debts to EGP 13.1 bn over 1H, in large part due to these contingency stockpiling efforts.

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The National Bank of Kuwait Egypt reported a 9% rise in net income to EGP 756.5 mn in 1H 2022, according to a disclosure (pdf) to Boursa Kuwait. The bank’s board recently approved plans to voluntarily delist its shares from the EGX.