Elsewedy Electric had a good quarter: EGX30-listed Elsewedy Electric saw its net profit after minority interest leap 108% y-o-y to EGP2.5 bn in 3Q 2023, according to the company’s earnings release (pdf) released yesterday. The company’s top line rose 66% y-o-y to EGP 39.2 bn in the quarter.

A strong year so far: The company’s net income saw a 161% y-o-y increase in the first nine months of 2023 to EGP 8.1 bn, while revenues climbed 74% y-o-y to EGP 108.8 bn in the same period.

Wires, cables, and turnkey projects boosted Elsewedy’s sales: Proceeds from the company’s wires and cables segment rose 93% y-o-y in 3Q to EGP 21.7 bn, accounting for 55% of the company’s revenues during the quarter. Meanwhile, proceeds from turnkey projects came in at EGP 13.1 bn, up 33% y-o-y and accounting for 33% of revenues.

What they said: “Increasing sales outside of Egypt and expanding [their] export markets…managing working capital and [their] cost base,” were behind the figures, CEO Ahmed El Sewedy said in the release.

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