Elsewedy Electric “maintained its growth trajectory:” Elsewedy Electric saw its net income after minority interest rise 37% y-o-y in 1Q 2024 to EGP 4.0 bn “due to increased revenue and a foreign exchange gain from the revaluation of foreign currency receivables from international operations,” according to the company’s latest earnings release (pdf). Revenues rose 35.7% y-o-y to EGP 45.3 bn during the quarter.

Driving the growth: The company pointed to the float of the EGP and higher pricing in EGP on some of its products for pushing its top line up. The wires and cables segment was the main driver of revenues, growing 56.5% y-o-y to during the quarter to EGP 27.9 bn, followed by its turnkey projects, which grew 7.2% y-o-y to hit EGP 12.4 bn.

Looking ahead: “Going forward, our ability to continue delivering growth and value to shareholders is underlined by our commitment to sustainability and innovation, which ensures that we are not just keeping pace with industry advancements but are also at the forefront of shaping the future landscape of integrated, infrastructure solutions,” CEO Ahmed El Sewedy wrote.

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