Elsewedy Electric booked EGP 5.4 bn in net income after minority interest in 2022, up 51% y-o-y, according to its earnings release (pdf). Revenues, meanwhile, climbed 52% to EGP 92.2 bn.

On a quarterly basis: Net income surged 79% to EGP 2.3 bn in 4Q 2022, while revenues rose 51% to EGP 29.6 bn.

Behind the figures: The company attributed the growth to “higher operating margins across all business segments, as well as the increased FX gains that offset rising financing and SG&A expenses.”

Wires, cables, and turnkey projects led revenue growth: Almost half the company’s revenues came from its wires and cables segment, which generated EGP 13.5 bn during the quarter, up 44% y-o-y. Revenues from turnkey projects came in at EGP 12.9 bn during the quarter, up 47% y-o-y and accounting for 44% of the group’s revenues.

The company is back to paying out dividends: The board has proposed paying out dividends of EGP 0.40 per share to shareholders, according to an EGX disclosure (pdf). The company suspended dividend payouts in 2021.

Looking ahead: Elsewedy plans to ramp up its production of EV chargers and pursue new investments in green projects and renewable energy. “We are starting 2023 off on a cautious yet positive note as the supply chain continues to improve, primarily driven by China’s efforts to increase production after the removal of covid restrictions to meet the rising global demand, coupled with a slight decrease in shipping costs,” said CEO Ahmed El Sewedy. “Additionally, capital markets are becoming more aware of the ESG regulations, which will in turn provide new financing streams for investments in green projects and renewable energy.”