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