Egypt’s Elsewedy Electric records 47% drop in half year profit

EGYPT – Egyptian based electricity multinational, Elsewedy Electric Company’s (SWDY) has recorded a 47% drop in profits for the first six months of 2020, Egypt Today has reported.

Elesewedy’s profits dropped to LE 1.02 billion (about US$ 64.02 million), from to LE 1.95 billion (US$ 122.39 million) achieved in the same period of 2019.

The company’s financial results further revealed that revenues during the first half of the year dropped to LE 20.11 billion (US$ 1.26 billion), from LE 21.55 billion (about US$ 1.35 billion) realised during the same period of the prior year.

Elesewedy’s standalone profits however improved marginally to hit the LE 2.15 billion (about US$134.94  million) mark during the period of 2020, up from the LE 2.08 billion (about US$ 130.55 million) recorded for the same months of 2019.

Net profits however dropped to LE 463.69 million (US$ 29.10 million) during the first three months of 2020, compared to LE 995.5 billion (US$ 62.45 million) achieved in the same months of 2019.

Earlier this month, Elsewedy clinched a contact to build new 220-15/6.6 kV high-voltage distribution substation in the Democratic Republic of Congo.

The US$39 million electricity project will enable the efficient management of the power flow between the Southern African Power Pool’s power grid and the power grid of the Democratic Republic of Congo (DRC).

The electricity substation will also improve electricity exchanges between the DRC and Zambia and promote the socio-economic development of Kasumbalesa and its surroundings.

As per the contract, Elsewedy Electric will provide engineering, procurement and construction services for the Kasumbalesa substation on a turnkey basis.

Elsewedy Electric operates within the capital goods sector focusing on electrical components and equipment.

It has 37 subsidiaries operating across Northern Africa, Eastern Africa, Middle East and Southern Europe.

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