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Elsewedy Electric confirms deal with 7 banks for EGP 2bn credit facilities

Elsewedy Electric confirms deal with 7 banks for EGP 2bn credit facilities
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Elsewedy Electric
SWDY
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Cairo – Mubasher: Elsewedy Electric Co has announced it will sign the final agreement to obtain credit facilities from 7 banks on Tuesday, 27 September.

The announcement was made in line with recently-circulated news titled: shares of the 7 banks involved in Elsewedy Electric’s EGP 2 billion financing; signing taking place within days, according to a bourse statement on Monday.

It is worth noting that during the first half (H1) of 2022, Elsewedy Electric registered EGP 2.02 billion in its consolidated net profits after income tax, compared to EGP 1.74 billion in H1-21.

The company’s revenue stood at EGP 38.96 billion in H1-22, a yearly rise of 49.80% when compared to EGP 26.01 billion.