Elsewedy Electric guides for FY2017 revenues of EGP 40 bn

Elsewedy Electric is targeting full year revenues in 2017 of EGP 40 bn, up from EGP 24.6 bn in 2016, said the company’s CFO Sherif El Zeiny, according to Al Mal. Speaking at a press conference on Tuesday, El Zeiny said that 50% of the company’s revenues comes from cable manufacturing, while power generation made up 39% of the company’s revenues. Revenues in 3Q2017 increased 135.2% y-o-y to EGP 11.46 bn, driven largely by growth in the turnkey projects and wires and cables segments. As we noted last week, the company is in talks to build six wind power plants and has plans to develop six logistics centers across sub-Saharan Africa.