Elsewedy Electric records profits of LE 1.95B in 6 months

CAIRO – 26 August 2019: Elsewedy Electric (SWDY) recorded a 19 percent decline in its consolidated profits during the first half of 2019, recording LE 1.95 billion, compared to LE 2.4 billion in the same period of 2018.

The company’s financial indicators revealed that revenues hit LE 21.5 billion during January-/June period of 2019, up from LE 20.1 billion during the same period of 2018.
As per standalone results, the company recorded profits of LE 2.08 billion, compared to LE 1.02 billion during the same half of 2018.

Meanwhile, Elsewedy hit a profit of LE 957.8 million during the second quarter of 2019, compared to LE 983.8 million during the same quarter of 2018.

During the first quarter of 2019, Elsewedy Electric recorded a net profit of LE 955.51 million, compared to LE 1.431 billion during the same quarter of 2019.

On another note, Elsewedy Electric announced on August 19, reaching a full commercial operation for its two solar photovoltaic (PV) power plants, as part of the second phase of the Renewable Energies Feed-in-Tarrif (FiT) program launched by the Egyptian government.

Elsewedy Electric operates within the capital goods sector, focusing on electrical components and equipment. It has subsidiaries operating across Northern Africa, Eastern Africa, Middle East and Southern Europe.