EGX-listed Elsewedy Electric’s net income rose 72.6% y-o-y to EGP 17.5 bn in 2024, according to the company’s latest earnings release (pdf). Meanwhile, revenues expanded 52.4% y-o-y during the year to EGP 232 bn.

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The company’s wires and cables segment remained its largest revenue generator, climbing 66.4% y-o-y to EGP 137.2 bn in 2024, supported by higher prices and increased sales volumes. The company’s turnkey segment followed as the second-biggest contributor, with revenue from the segment rising 32.4% y-o-y to EGP 70 bn during the year.

On a quarterly basis, the company’s bottom line more than doubled in 4Q 2024, rising 105.8% y-o-y to EGP 4.2 bn, as strong revenue growth offset the impact of higher costs. Revenues climbed 54.8% y-o-y during the quarter to EGP 67.2 bn, driven by strong performance across the company’s core business segments.

ALSO- The board proposed a dividend payout of EGP 1 per share, the release reads.

Looking ahead: “Our ambitious three-year plan aims to double exports and expand our portfolio, further solidifying our position as a global leader. To this end, we will continue to forge partnerships with industry leaders to drive innovation and expand in key markets, while integrating the latest AI-driven solutions to enhance efficiency and streamline operations,” CEO Ahmed El Sewedy said.

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