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Elsewedy Electric records surge in H1-23 profits; revenues hit EGP 69.63bn

Elsewedy Electric records surge in H1-23 profits; revenues hit EGP 69.63bn
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Elsewedy Electric
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Cairo – Mubasher: Elsewedy Electric Company achieved consolidated net profits attributable to the shareholders worth EGP 5.56 billion in the first half (H1) of 2023, an annual leap of 194.80% from EGP 1.88 billion.

The firm generated EGP 69.63 billion in revenue during the January-June 2023 period, higher by 78.70% year-on-year (YoY) than EGP 38.96 billion, according to the interim consolidated income statements.

Basic and diluted earnings per share (EPS) widened to EGP 2.34 as of 30 June 2023 from EGP 0.78 in the year-ago period.

Total assets amounted to EGP 143.44 billion during H1-23, up from EGP 113.95 billion as of 31 December 2022.

Standalone Business

In the first six months (6M) of 2023, the standalone net profits after tax stood at EGP 1.43 billion, marking a YoY surge from EGP 1.16 billion.

Total revenues climbed to EGP 4.93 billion during H1-23 from EGP 2.51 billion in the year-ago period, whereas the basic and diluted profit per share jumped to EGP 0.66 from EGP 0.53.

Financials for Q2-23

During the second quarter (Q2) of 2023, the consolidated net profit attributable to the owners of Elsewedy Electric reached EGP 2.65 billion, versus EGP 1.12 billion in Q2-22.

Revenues hiked to EGP 36.30 billion in April-June 2023 from EGP 20.39 billion during the same period in 2022, while the EPS increased to EGP 1.12 from EGP 0.47.

As for the standalone business, the EGX-listed firm witnessed YoY higher net profits after tax at EGP 1.16 billion in Q2-23, compared to EGP 1.15 billion.

Non-consolidated revenues enlarged to EGP 2.51 billion during the three-month period that ended on 30 June 2023 from EGP 1.48 billion in Q2-22, while the EPS went up to EGP 0.54 from EGP 0.53.

Ahmed El-Sewedy, CEO of Elsewedy Electric, highlighted: “Our top-line growth has filtered down to the company’s bottom line as we have capitalised on higher exports and sales outside Egypt this quarter and continued to penetrate regional markets in line with our expansionary strategy.”

“I am particularly proud of our strong performance in Algeria and KSA as well as the notable progress on the Julius Nyerere 2,115 MW Hydropower Project in Tanzania,” El-Sewedy added.

The CEO underlined: “To support this growth further, we employ the necessary tools aimed at enhancing digital transformation and achieving full economies of scale as well as maintaining the liquidity and stability of our balance sheet.”

In Q1-23, the company’s consolidated net profits after tax hiked to EGP 3.17 billion from EGP 828.20 million in Q1-22, including minority interest.