Egypt: Elsewedy Electric’s consolidated profits hike 161% YoY in 9 months

Elsewedy Electric (SWDY) reported a 161% year-on-year (YoY) increase in consolidated net profit attributable to the parent company for the first nine months of 2023, according to the company’s consolidated financial statement emailed to Arab finance.

Consolidated net profit attributable to the parent company amounted to EGP 8.07 billion in the nine-month period, compared to EGP 3.092 billion over the same period of last year.

The company also generated consolidated revenues of EGP 108.804 billion from January through September this year, up from EGP 62.572 billion in the corresponding period a year prior.

The firm’s standalone results showed an 84.1% YoY increase in profits after tax to EGP 2.298 billion in the first nine months of the year, compared to EGP 1.248 billion.

Meanwhile, standalone revenues came in at EGP 7.437 billion during the nine-month period of 2023, up from EGP 4.679 billion in the year-ago period.

Elsewedy Electric is a leading integrated energy solutions provider in Africa and the Middle East. It has a portfolio incorporating all traditional and renewable energy areas along with related services.