Elsewedy Electric finished the year strong:EGX-listed Elsewedy Electric’s net income after minority interest surged 87% y-o-y to EGP 10.1 bn in 2023, according to the company’s earnings release (pdf). Meanwhile, revenues jumped 65% y-o-y to EGP 152.2 bn.

Wires and cables, and turnkey segments underpinned revenue growth: Proceeds from the company’s wires and cables segment rose 89% y-o-y to EGP 82.4 bn during the year, accounting for 54% of the company’s total revenues. Meanwhile, proceeds from turnkey projects came in at EGP 53 bn, climbing 36% y-o-y and accounting for 35% of revenues.

Income slightly dipped during the quarter: The company’s bottom line decreased 12% y-o-y in 4Q 2023 to EGP 2 bn, due to increased financing costs. Revenues rose 47% y-o-y during the quarter to EGP 43.4 bn, backed by high demand and an increase in offshore operations, which led to “favorable currency translation.”

Shareholders are in line for a payout: The board has agreed to pay out a dividend of EGP 0.5 per share on its 2023 earnings, according to the release.

What they said: “Our strategic growth initiatives across the group’s diverse segment and geographies along with a continuous commitment to improving working capital efficiency and cash management, have been key drivers of our financial success and have expanded our

capacity to pursue new strategic opportunities,” CEO Ahmed El Sewedy said.

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