Cairo – Mubasher: Elsewedy Electric Company has reported a 33.33% year-on-year (YoY) surge in consolidated net profit to EGP 4.23 billion in the first quarter (Q1) of 2024 from EGP 3.17 billion.

Consolidated revenues soared 35.70% YoY to EGP 45.24 billion in Q1-24 from EGP 33.33 billion, according to the interim financial results.

Standalone Results

Elsewedy Electric’s standalone net profit jumped to EGP 644.13 million in the three-month period that ended on 31 March 2024 from EGP 266.34 million in Q1-23.

On the other hand, standalone results dropped to EGP 1.43 billion in the January-March period from EGP 2.41 billion in the equivalent period of last year.

The basic and diluted earnings per share (EPS) hit EGP 0.202 in Q1-24, up from EGP 0.054 in Q1-23.

Ahmed El Sewedy, CEO of Elsewedy Electric, said: “I am proud to announce that the company has maintained its growth trajectory and is reaching key operational milestones within its strategy. This quarter, we leveraged our diverse offerings and dynamic business model to achieve sales growth across all our segments.”

“Going forward, our ability to continue delivering growth and value to shareholders is underlined by our commitment to sustainability and innovation, which ensures that we are not just keeping pace with industry advancements but are also at the forefront of shaping the future landscape of integrated, infrastructure solutions,” El Sewedy added.

In May 2024, the Egyptian Exchange (EGX) announced details of acquisition offer on between 15% and 24.50% of Elsewedy Electric by the UAE’s Electra Investment Holding.

The EGX-listed company logged an 86.70% YoY surge in consolidated net profit to EGP 10.11 billion in 2023 from EGP 5.41 billion the year before.