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Elsewedy Electric, Orascom Construction deny obtaining loan from African Export-Import Bank

Elsewedy Electric, Orascom Construction deny obtaining loan from African Export-Import Bank
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Elsewedy Electric
SWDY
-0.89% 44.30 -0.40
Orascom Construction
OC
9.80% 5.77 0.52

Cairo – Mubasher: Elsewedy Electric Company and Orascom Construction refuted reports claiming that they obtained a $200 million loan from the African Export-Import Bank.

The two companies said the circulated news is not correct, affirming that they are obligated to disclose any related disclosures in accordance with the Egyptian Exchange (EGX) terms.

In the first half (H1) of 2023, the consolidated net profits attributable to the shareholders of Elsewedy Electric hiked by 194.80% to EGP 5.56 billion from EGP 1.88 billion in H1-22.

Revenues enlarged by 78.70% year-on-year (YoY) to EGP 69.63 billion as of 30 June 2023 from EGP 38.96 billion.

Meanwhile, Orascom Construction generated a YoY leap in consolidated net profit to $132.90 million during the first six months (6M) of 2023, compared to  $40.50 million, including minority interest.

The revenues stood at $1.56 billion in H1-23, an annual decline of 18.30% from $1.91 billion.