Cairo - Mubasher: Pharos Research has reiterated the ‘overweight’ recommendation on Elsewedy Electric, according to a recent report.

The firm also upgraded Elsewedy Electric’s fair value (FV) to EGP 155 per share from EGP 111.5, on the back of the better-than-expected blended gross processing margins of 22%, which Elsewedy achieved in the first nine months of 2017.

The upgrade is attributed to the cables gross profit per tonne, commodity prices, and the company’s overall profitability.

Elsewedy Electric Company reported a year-on-year profit hike by 111% in the third quarter of the year due to higher revenues.

The company’s net profits reached EGP 1.56 billion in Q3-17, compared to EGP 746.6 million in the corresponding period last year.