{"id":617007,"date":"2024-03-14T00:00:00","date_gmt":"2024-03-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/14\/elsewedy-electrics-bottom-line-jumps-87-in-2023\/"},"modified":"2024-03-14T00:00:00","modified_gmt":"2024-03-14T00:00:00","slug":"elsewedy-electrics-bottom-line-jumps-87-in-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/14\/elsewedy-electrics-bottom-line-jumps-87-in-2023\/","title":{"rendered":"Elsewedy Electric\u2019s bottom line jumps 87% in 2023"},"content":{"rendered":"

Elsewedy Electric finished <\/strong>the year<\/strong> strong:<\/strong>EGX-listed Elsewedy Electric\u2019s net income after minority interest surged 87% y-o-y to EGP 10.1 bn in 2023, according to the company\u2019s earnings release (pdf)<\/a>. Meanwhile, revenues jumped 65% y-o-y to EGP 152.2 bn.<\/p>\n

Wires and cables, and turnkey segments underpinned revenue growth:<\/strong> Proceeds from the company\u2019s wires and cables segment rose 89% y-o-y to EGP 82.4 bn during the year, accounting for 54% of the company\u2019s total revenues. Meanwhile, proceeds from turnkey projects came in at EGP 53 bn, climbing 36% y-o-y and accounting for 35% of revenues.<\/p>\n

Income slightly dipped during the quarter: <\/strong>The company\u2019s 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 \u201cfavorable currency translation.\u201d<\/p>\n

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

What they said:<\/strong> \u201cOur strategic growth initiatives across the group\u2019s 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<\/p>\n

capacity to pursue new strategic opportunities,\u201d CEO Ahmed El Sewedy said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Shareholders are in line for a dividend of EGP 0.5 per share<\/p>\n","protected":false},"author":1,"featured_media":617008,"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":[409,152,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-617007","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-elsewedy-electric","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"2190f6e5-334d-4412-be1b-0602e638e1b5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1213.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Elsewedy Electric\u2019s bottom line jumps 87% in 2023","related_issue":[616997],"teaser":"Shareholders are in line for a dividend of EGP 0.5 per share","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.2ff6e2a8-72a7-4f90-8532-6a3b6e4627cf.mp3"},"yoast_head":"\nElsewedy Electric\u2019s bottom line jumps 87% in 2023 - 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\/2024\/03\/14\/elsewedy-electrics-bottom-line-jumps-87-in-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Elsewedy Electric\u2019s bottom line jumps 87% in 2023\" \/>\n<meta property=\"og:description\" content=\"Shareholders are in line for a dividend of EGP 0.5 per share\" \/>\n<meta property=\"og:url\" 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Revenues during the first nine months of 2019 increased 14.0% y-o-y to EGP 34.5 bn, which the\u2026","rel":"","context":"In "Speed Round"","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":582156,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/02\/elsewedy-electric-earnings-revenues-rise-more-than-50-in-2022\/","url_meta":{"origin":617007,"position":4},"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":[]},{"id":569377,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/23\/earnings-watch-elsewedy-electric-reports-19-4-drop-in-net-profits-after-minority-interest\/","url_meta":{"origin":617007,"position":5},"title":"Earnings watch: Elsewedy Electric reports 19.4% drop in net profits after minority interest","author":"enterpriseam admin","date":"23 February 2020","format":false,"excerpt":"EARNINGS WATCH- Elsewedy Electric\u2019s net profit after minority interest dropped 19.4% y-o-y to EGP 4.02 bn in 2019, down from EGP 4.99 bn in 2018, the company said in its earnings release (pdf). 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