Cairo – Mubasher: The research team at MubsherTrade said, in a report issued Wednesday, it maintained the target price of El Sewedy Electric at EGP 58.55 per share, reiterating a ‘Buy’ recommendation.

El Sewedy posted a surge by 249.8% in net profits for the first half of 2015 to EGP 805 million, up from EGP 230 million in the prior-year period.

The company’s revenues were up 71% year-on-year on strong turnkey performance. They jumped an impressive 71% y-o-y to reach EGP7.1 billion in the second quarter of 2015, beating MubasherTrade of EGP6.3 billion by 12% and consensus estimates of EGP5.1 billion by 40%.

It added that the growth was mainly driven by strong performance in Turnkey segment, which overtook the wires and cables segment to become the company's largest segment this quarter, generating revenues of EGP3.6 billion, a surge of 631% y-o-y on the recognition of revenues from the emergency power plan in Egypt.

The company’s backlog by the end of June recorded EGP13.3 billion, of which Egypt accounts for 83%.