{"id":604150,"date":"2023-08-27T00:00:00","date_gmt":"2023-08-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/27\/elsewedy-electric-net-income-more-than-doubles-in-2q-2023\/"},"modified":"2023-08-27T00:00:00","modified_gmt":"2023-08-27T00:00:00","slug":"elsewedy-electric-net-income-more-than-doubles-in-2q-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/27\/elsewedy-electric-net-income-more-than-doubles-in-2q-2023\/","title":{"rendered":"Elsewedy Electric net income more than doubles in 2Q 2023"},"content":{"rendered":"

Elsewedy Electric\u2019s net income after minority interest more than doubled y-o <\/strong> -y to <\/strong> EGP 2.7 bn in 2Q 2023<\/strong>, according to its earnings release (<\/a> pdf<\/a> )<\/a>. Its top line rose 78% y-o-y to EGP 36.3 bn as the company \u201ccapitalized on higher exports and sales outside Egypt \u2026 and continued to penetrate regional markets,\u201d said CEO Ahmed El Sewedy. In the first half of 2023, the company\u2019s net income nearly tripled to EGP 5.6 bn, while revenues climbed 79% to EGP 69.6 bn.<\/p>\n

Revenues from the company\u2019s wires and cables segment more than doubled <\/strong>to EGP 20.0 bn in 2Q, accounting for 55% of the company\u2019s revenues during the quarter. Revenues from turnkey projects came in at EGP 11.8 bn, up 37% y-o-y and accounting for 33% of revenues.<\/p>\n

What they said: <\/strong> \u201cOur dynamic business model has once again proven its ability to overcome challenges in the local and global economy, closing the first half of 2023 with a solid performance. Building on our highly diverse portfolio and expansive geographic footprint, as well as operational efficiency, has enabled us to cement Elsewedy Electric\u2019s position across our core markets,\u201d Elsewedy said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Profit after tax almost tripled y-o-y during the first half of the year<\/p>\n","protected":false},"author":1,"featured_media":604151,"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":[7208],"tags":[130,409,152,72,7111],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-604150","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-construction","tag-earnings-watch","tag-elsewedy-electric","tag-enterpriseam","tag-infrastructure","wpautop","entry"],"acf":{"mongo_id":"c51bf75b-573d-4431-83de-52b5cbe00239","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/1178.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Elsewedy Electric net income more than doubles in 2Q 2023","related_issue":[604138],"teaser":"Profit after tax almost tripled y-o-y during the first half of the year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/8\/.c6edcf32-ae78-4cc3-84a9-1860405bec10.mp3"},"yoast_head":"\nElsewedy Electric net income more than doubles in 2Q 2023 - 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Revenues rose almost 50% to EGP 20.4 bn during the April-June quarter, driving a 27% increase in net income, which reached EGP 1.1 bnWire and cables\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/375.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":669657,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/08\/06\/elsewedy-electric-sees-net-income-increase-2-1-in-2q\/","url_meta":{"origin":604150,"position":1},"title":"Elsewedy Electric sees net income increase 2.1% in 2Q","author":"enterpriseam admin","date":"6 August 2025","format":false,"excerpt":"Revenues jumped 12.3% y-o-y during the quarter","rel":"","context":"In "EARNINGS WATCH"","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\/7\/663.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":587799,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/palm-hills-revenues-up-22-in-1q-2023\/","url_meta":{"origin":604150,"position":2},"title":"Palm Hills\u2019 revenues up 22% in 1Q 2023","author":"enterpriseam admin","date":"1 June 2023","format":false,"excerpt":"Net income was down 14% on higher financing costs","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1759.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595577,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/09\/juhaynas-revenue-net-income-rise-in-2q-2023\/","url_meta":{"origin":604150,"position":3},"title":"Juhayna\u2019s revenue, net income rise in 2Q 2023","author":"enterpriseam admin","date":"9 August 2023","format":false,"excerpt":"Juhayna\u2019s exports increased by almost 5x y-o-y in 2Q 2023","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/427.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564215,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/17\/elsewedy-electrics-net-income-surges-73\/","url_meta":{"origin":604150,"position":4},"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 "SPEED ROUND: EARNINGS WATCH"","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":582156,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/02\/elsewedy-electric-earnings-revenues-rise-more-than-50-in-2022\/","url_meta":{"origin":604150,"position":5},"title":"Elsewedy Electric earnings, revenues rise more than 50% in 2022","author":"enterpriseam admin","date":"2 March 2023","format":false,"excerpt":"Elsewedy Electric booked EGP 5.4 bn in net income after minority interest in 2022, up 51% y-o-y, according to its earnings release (pdf). Revenues, meanwhile, climbed 52% to EGP 92.2 bn.On a quarterly basis: Net income surged 79% to EGP 2.3 bn in 4Q 2022, while revenues rose 51% to\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/elsewedy-electric-1600px.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/604150","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=604150"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/604150\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/604138"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/604151"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=604150"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=604150"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=604150"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=604150"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=604150"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}