Elsewedy Electric Profits inches down 2.6% y-o-y in 2Q2019

EARNINGS WATCH- Elsewedy Electric’s net profit dropped 2.6% y-o-y in 2Q2019 to EGP 957.8 mn, down from EGP 983.8 mn during the same period last year, the company said in its earnings release (pdf). Revenues increased 2.1% to EGP 10.3 bn, which the company says was driven primarily by its turnkey projects segment. “Elsewedy Electric is well on its way to meeting the strategic objectives management has laid out for the year,” CEO Ahmed El Sewedy said. “Driven by our dynamic turnkey segment, Elsewedy’s top line has continued to display solid growth, registering an expansion of 7% year-on-year to record EGP 21.6 bn during the first half of the year.”