Elsewedy Electric Profit Drops 53% in Q1 2020

Elsewedy Electric financial statements revealed that its profits dropped by 53% during the first quarter of 2020, to record EGP 463.69 million during the three months ending in March, compared to profits of EGP 995.5 million  in the comparative period year.

According to Stock Exchange data, the company's revenues also fell during Q1 2020 to EGP 10.77 billion, compared to revenues of EGP 11.22 billion in the comparative quarter of 2019.

Last year, Elsewedy achieved profits amounting to EGP 4.163 billion, compared to a net profit of EGP 5.109 billion a year earlier. Also, the company's revenues increased last year to reach EGP 46.628 billion, compared to EGP 42.490 billion in 2018.

Moreover, the company's Standalone profit  increased during 2019 to reach EGP 2.414 billion, compared to EGP 2.423 billion during the previous year.

Meantime, Elsewedy distributed cash pidends of EGP 0.800 per share on April 30 to the shareholders.

Establish in 1938, the company is a provider of integrated energy solutions in Africa and the Middle East, and a manufacturer of cables and meters. The company has a portfolio incorporating all traditional and renewable energy areas along with related services.

Since 2008, five additional cables facilities have been established in Algeria, Saudi Arabia, Ethiopia, Yemen, and Qatar. Two transformer manufacturing facilities have also been established in Zambia and Egypt.

The Egyptian giant exports products to over 23 countries, including Angola, Chad, Cyprus, India, Ireland, Italy, Kazakhstan, Kenya, Nigeria, Romania, Russia, Rwanda, Spain and South Africa.