{"id":648804,"date":"2017-04-12T04:12:39","date_gmt":"2017-04-12T04:12:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/12\/earnings-watch-orascom-elsewedy-electric\/"},"modified":"2017-04-12T04:12:39","modified_gmt":"2017-04-12T04:12:39","slug":"earnings-watch-orascom-elsewedy-electric","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/12\/earnings-watch-orascom-elsewedy-electric\/","title":{"rendered":"Earnings watch: Orascom, Elsewedy Electric"},"content":{"rendered":"

EARNINGS WATCH-<\/strong> Elsewedy Electric reported a 209% y-o-y increase in its consolidated net profit after minority interest to EGP 3.9 bn in 2016<\/strong>, according to its earnings filing<\/a>. Revenues rose 30% y-o-y to EGP 24.6 bn during the year, the company said in its earnings release<\/a>, which quotes CEO Ahmed El Sewedy as saying, \u201cOur performance in 2016 speaks volumes of what a well-managed, export-driven, multi-country corporation can achieve when it is supported by the right macroeconomic framework and policies. Our company today is more competitive, more profitable and is ideally positioned to unlock future growth not just domestically, but on a regional and global scale.\u201d<\/p>\n

Elsewedy Electric also submitted a request to decrease its issued and paid-up capital<\/strong> to EGP 2.18 bn from EGP 2.23 bn, according to an EGX filing<\/a>. The company intends to scrap 5 mn treasury shares worth EGP 10 per share. Separately, Elsewedy Cables signed a QAR 124 mn contract with Qatar General Electricity and Water Corporation to supply and install high voltage ground cables, according to a filing<\/a> with the EGX.<\/p>\n

Orascom Development Company reported a consolidated net loss <\/strong>attributable to shareholders of CHF 196.4 mn in 2016,<\/strong> compared with a net loss of CHF 19.1 mn in 2015, the company said in its earnings filing<\/a>. Real estate revenues reached CHF 65.4 mn in 2016 compared with CHF 66.4 mn in 2015.<\/p>\n

Raya Holding<\/strong> reported consolidated net profits of EGP 118.1 mn in 2016, up from EGP 103.8 mn in 2015, according to a bourse filing<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

EARNINGS WATCH- Elsewedy Electric reported a 209% y-o-y increase in its consolidated net profit after minority interest to EGP 3.9 bn in 2016, according to its earnings filing. Revenues rose 30% y-o-y to EGP 24.6 bn during the year, the company said in its earnings release, which quotes CEO Ahmed El Sewedy as saying, \u201cOur […]<\/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":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-648804","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"4a0319fa-2da1-45d2-91e5-5e098ee1cb25","order":"0","is_powered_by":true,"section_story_id":"1c080ff8-cf22-4c42-8999-e37a3e7adb1a","story_type":"1","photo_url":"","photo_position":"above","related_issue":[648789],"teaser":"","voice_url":""},"yoast_head":"\nEarnings watch: Orascom, Elsewedy Electric - 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\/2017\/04\/12\/earnings-watch-orascom-elsewedy-electric\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Earnings watch: Orascom, Elsewedy Electric\" \/>\n<meta property=\"og:description\" content=\"EARNINGS WATCH- Elsewedy Electric reported a 209% y-o-y increase in its consolidated net profit after minority interest to EGP 3.9 bn in 2016, according to its earnings filing. 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Revenues increased 2.1% to EGP 10.3 bn, which the company says was driven primarily by its\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":571525,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/14\/earnings-watch-elsewedy-electric-profits-halve-in-1q-as-covid-19-hits-operations\/","url_meta":{"origin":648804,"position":5},"title":"Earnings watch: ElSewedy Electric profits halve in 1Q as covid-19 hits operations","author":"enterpriseam admin","date":"14 May 2020","format":false,"excerpt":"EARNINGS WATCH- ElSewedy Electric profit halve in 1Q as covid-19 hits operations: ElSewedy Electric\u2019s quarterly profits plunged in 1Q2020 as weaknesses in the broader economy caused by the coronavirus impacted its operations, the company said in its quarterly earnings statement yesterday (pdf). 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