{"id":565921,"date":"2021-05-17T14:01:37","date_gmt":"2021-05-17T14:01:37","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/17\/earnings-watch-elsewedy-electric-contact-financial-beltone\/"},"modified":"2021-05-17T14:01:37","modified_gmt":"2021-05-17T14:01:37","slug":"earnings-watch-elsewedy-electric-contact-financial-beltone","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/17\/earnings-watch-elsewedy-electric-contact-financial-beltone\/","title":{"rendered":"Earnings Watch: Elsewedy Electric, Contact Financial, Beltone"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>EARNINGS WATCH-<\/strong> <strong>Elsewedy Electric\u2019s net income rose 75% to EGP 700.1 mn in <\/strong><strong>1Q2021<\/strong>, up from EGP 400 mn in the same period last year, the company said in its quarterly <a href=\"https:\/\/ent.news\/2021\/5\/El-Sewedy-1Q21-Earnings-Release-E-Final-1.pdf\">earnings statement<\/a><a href=\"https:\/\/ent.news\/2021\/5\/El-Sewedy-1Q21-Earnings-Release-E-Final-1.pdf\">(pdf)<\/a>. Topline growth was also solid, with quarterly revenue growing 14% to EGP 12.3 bn from EGP 10.8 bn in 1Q2020.<\/p>\n<p><strong>The strong performance was supported by its wires and cables business<\/strong>, which saw sales increase more than a third to EGP 6.3 bn, accounting for more than half of the company\u2019s total revenues. Sales of other electrical products also increased by 18% compared to the first quarter of last year, while the renewables business more than quadrupled in size. Turnkey projects \u2014 which in 1Q2020 made up almost half of the company\u2019s revenue \u2014 fell 8% to EGP 4.5 bn.<\/p>\n<p><strong>Emerging from covid: <\/strong>\u201cWe see a strong recovery in activity and price points across key sectors and have been able to leverage these developments,\u201d said CEO Ahmed El Sewedy. \u201cIf 1Q2021 is a good indication, then we are optimistic for the year as a whole and look forward to further rapid growth in revenues,\u201d El Sewedy added. The company will be in the market for \u201ctargeted acquisitions that can quickly foster synergies\u201d across its operations and \u201cengender further efficiencies at all links\u201d of the value chain, El Sewedy noted.<\/p>\n<p><strong>Contact Financial Holding\u2019s net income rose 21% to EGP 109 mn in 1Q2021<\/strong>, from EGP 90 mn in the same period in 2020, according to its <a href=\"https:\/\/ent.news\/2021\/5\/CONTACT-ENG.pdf\">earnings statement<\/a><a href=\"https:\/\/ent.news\/2021\/5\/CONTACT-ENG.pdf\">(pdf)<\/a>. The company saw strong portfolio growth during the three-month period, rising 34% to EGP 8.7 bn, and generating an operating income of EGP 261 mn. The NBFS player\u2019s ins. arm saw its revenues rise 67% to EGP 151 mn, while its operating income soared 134% to EGP 68 mn, thanks to an increase in gross written premiums which rose by two-thirds.<\/p>\n<p><strong>Beltone Financial has finally escaped the red<\/strong>, reporting a bottom line in the black for the first time in three years today. The company produced a net income of almost EGP 3.8 mn in 1Q2021, up from a loss of EGP 8.44 mn a year earlier, the company said in <a href=\"https:\/\/ent.news\/2021\/5\/BELTONE.pdf\">its earning release (pdf)<\/a>. Operating revenues increased 9% to EGP 76.3 mn, compared to EGP 69.8 mn in the previous year. The company had been turning losses following its purchase of New York-based brokerage Auerbach Grayson in 2016. Beltone <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c7438ad6-f613-4c49-ac8c-de7ec5b1c4be\">offloaded<\/a> its majority stake in the firm earlier this year to Indonesian financial services firm PT MNC Kapital.<\/p>\n<hr class=\"grey-line\">\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 fell 0.9% at today\u2019s close<\/strong> on turnover of EGP 1.6 bn (22.9% above the 90-day average). Foreign investors were net sellers. The index is down 1.57% YTD.<\/p>\n<p><strong>In the green: <\/strong>Fawry (+5.0%), GB Auto (+4.0%) and Oriental Weavers (+2.9%).<\/p>\n<p><strong>In the red: <\/strong>CIB (-3.9%), ElSewedy Electric (-3.5%) and Orascom Development (-2.2%).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>EARNINGS WATCH- Elsewedy Electric\u2019s net income rose 75% to EGP 700.1 mn in 1Q2021, up from EGP 400 mn in the same period last year, the company said in its quarterly earnings statement(pdf). Topline growth was also solid, with quarterly revenue growing 14% to EGP 12.3 bn from EGP 10.8 bn in 1Q2020. The strong [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7219],"tags":[302,409,152,633,642,131],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-565921","post","type-post","status-publish","format-standard","hentry","category-go-with-the-flow","tag-earnings","tag-earnings-watch","tag-elsewedy-electric","tag-enterprisepm","tag-go-with-the-flow","tag-manufacturing","wpautop","entry"],"acf":{"mongo_id":"d11332cc-b4ed-469c-8af9-1980ebd543bf","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[565912],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Earnings Watch: Elsewedy Electric, Contact Financial, Beltone - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/17\/earnings-watch-elsewedy-electric-contact-financial-beltone\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Earnings Watch: Elsewedy Electric, Contact Financial, Beltone\" \/>\n<meta property=\"og:description\" content=\"EARNINGS WATCH- Elsewedy Electric\u2019s net income rose 75% to EGP 700.1 mn in 1Q2021, up from EGP 400 mn in the same period last year, the company said in its quarterly earnings statement(pdf). Topline growth was also solid, with quarterly revenue growing 14% to EGP 12.3 bn from EGP 10.8 bn in 1Q2020. The strong [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/17\/earnings-watch-elsewedy-electric-contact-financial-beltone\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-17T14:01:37+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/17\/earnings-watch-elsewedy-electric-contact-financial-beltone\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/17\/earnings-watch-elsewedy-electric-contact-financial-beltone\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Earnings Watch: Elsewedy Electric, Contact Financial, Beltone\",\"datePublished\":\"2021-05-17T14:01:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/17\/earnings-watch-elsewedy-electric-contact-financial-beltone\/\"},\"wordCount\":453,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"earnings\",\"earnings watch\",\"Elsewedy Electric\",\"EnterprisePM\",\"Go with the Flow\",\"Manufacturing\"],\"articleSection\":[\"GO WITH THE FLOW\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/17\/earnings-watch-elsewedy-electric-contact-financial-beltone\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/17\/earnings-watch-elsewedy-electric-contact-financial-beltone\/\",\"name\":\"Earnings Watch: Elsewedy Electric, Contact Financial, Beltone - 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The company reported profits of EGP 400 mn\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":566060,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/25\/raya-holding-is-back-into-the-green\/","url_meta":{"origin":565921,"position":1},"title":"Raya Holding is back into the green","author":"enterpriseam admin","date":"25 May 2021","format":false,"excerpt":"EARNINGS WATCH- Raya reverses its net loss position in 1Q2021: Raya Holding reported a bottom line of EGP 35.8 mn in 1Q2021, reversing a EGP 68.8 mn net loss incurred in the first quarter of last year, according to its quarterly financials (pdf). This came as the topline nearly doubled\u2026","rel":"","context":"In &quot;GO WITH THE FLOW&quot;","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":564215,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/17\/elsewedy-electrics-net-income-surges-73\/","url_meta":{"origin":565921,"position":2},"title":"Elsewedy Electric\u2019s net income surges 73%","author":"enterpriseam admin","date":"17 August 2021","format":false,"excerpt":"EARNINGS WATCH- Elsewedy Electric saw its net income jump 73% to EGP 973.8 mn in 2Q2021, compared to EGP 562.3 mn in the same period last year, according to the company\u2019s earningsrelease(pdf). Revenues also rose almost 50% to EGP 13.7 bn during the three-month period, compared to EGP 9.3 bn\u2026","rel":"","context":"In &quot;SPEED ROUND: EARNINGS WATCH&quot;","block_context":{"text":"SPEED ROUND: EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":598595,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/29\/earnings-watch-elsewedy-electric-net-profits-fall-32-in-1q2019\/","url_meta":{"origin":565921,"position":3},"title":"Earnings watch: Elsewedy Electric net profits fall 32% in 1Q2019","author":"enterpriseam admin","date":"29 May 2019","format":false,"excerpt":"EARNINGS WATCH- Elsewedy Electric reported a 32% y-o-y drop in net profit to EGP 957.2 mn in 1Q2019, down from EGP 1.4 bn in 1Q2018, the company said in its earnings release (pdf). Revenues for the quarter grew 12% y-o-y to EGP 11.2 bn from EGP 9.9 bn in 2018.\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":555493,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/16\/earnings-watch-fawry-elsewedy-electric-gb-auto-and-rameda\/","url_meta":{"origin":565921,"position":4},"title":"Earnings watch: Fawry, Elsewedy Electric, GB Auto, and Rameda","author":"enterpriseam admin","date":"16 November 2021","format":false,"excerpt":"E-payments giant Fawry saw its bottom line ease 26% to EGP 36.1 mn in 3Q2021, according to its earnings release (pdf). Revenues rose 31% y-o-y during the quarter to EGP 448.3 mn.On a nine-month basis, Fawry\u2019s net income is nevertheless up 25% over the same period last year at EGP\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/477.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":662365,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/16\/elsewedy-electric-sees-bottom-line-climb-72-6-in-2024\/","url_meta":{"origin":565921,"position":5},"title":"Elsewedy Electric sees bottom line climb 72.6% in 2024","author":"enterpriseam admin","date":"16 March 2025","format":false,"excerpt":"Shareholders could be in line for a dividend payout of EGP 1 per share","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/685.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/565921","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=565921"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/565921\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/565912"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=565921"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=565921"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=565921"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=565921"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=565921"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}