Elsewedy Electric’s net income after minority interest more than doubled y-o -y to EGP 2.7 bn in 2Q 2023, according to its earnings release ( pdf ). Its top line rose 78% y-o-y to EGP 36.3 bn as the company “capitalized on higher exports and sales outside Egypt … and continued to penetrate regional markets,” said CEO Ahmed El Sewedy. In the first half of 2023, the company’s net income nearly tripled to EGP 5.6 bn, while revenues climbed 79% to EGP 69.6 bn.

Revenues from the company’s wires and cables segment more than doubled to EGP 20.0 bn in 2Q, accounting for 55% of the company’s revenues during the quarter. Revenues from turnkey projects came in at EGP 11.8 bn, up 37% y-o-y and accounting for 33% of revenues.

What they said: “Our dynamic business model has once again proven its ability to overcome challenges in the local and global economy, closing the first half of 2023 with a solid performance. Building on our highly diverse portfolio and expansive geographic footprint, as well as operational efficiency, has enabled us to cement Elsewedy Electric’s position across our core markets,” Elsewedy said.

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