Earnings Watch: Elsewedy Electric reports 2017 results

EARNINGS WATCH- Elsewedy Electric reported a 65% y-o-y growth in net profit after minority interest to EGP 6.368 bn in 2017, up from EGP 3.85 bn in 2016, according to the company’s earnings release (pdf). Revenues also increased 74% y-o-y to EGP 42.91 bn, driven largely by growth in the turnkey projects and wires and cables segments. Going forward, Elsewedy intends to “increasingly diversify our operations and client-base across new industries and geographies,” said CEO Ahmed El Sewedy The company is also keeping an eye on internal strengthening through the “adoption of best-in-class governance frameworks and policies.”