Earnings watch: Elsewedy Electric reports 19.4% drop in net profits after minority interest

EARNINGS WATCH- Elsewedy Electric’s net profit after minority interest dropped 19.4% y-o-y to EGP 4.02 bn in 2019, down from EGP 4.99 bn in 2018, the company said in its earnings release (pdf). Revenues during the year rose 9.7% y-o-y to EGP 46.63 bn, which the company says was driven primarily by its turnkey projects segment, “whose contribution inched up significantly year-on-year to almost that of the Group’s original main contributing segment, wires and cables.” The company helped grow its revenue from the turnkey segment “through the execution of our ever-growing backlog across Egypt, the rest of Africa and the GCC,” CEO Ahmed El Sewedy said. Elsewedy has also secured its turnkey backlog “for the coming years” but is eyeing other “lucrative” projects across Europe, Africa, and the GCC.