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Elsewedy Electric’s profits nearly double, revenues jump by 65% YoY

Profit for the year after tax soared by 93.6% YoY

What:

Elsewedy Electric published their consolidated financials for 2023 yesterday, and here’s a brief round-up of the key metrics…

Revenues

soared to EGP 152.2 billion, a whopping 65.1% YoY hike.

Cables and raw materials soared by 88.6% to EGP 82.4 billion
Electrical products and its accessories jumped by 78.9% to EGP 16.3 billion
Constructions rose by 35.9% to EGP 53.5 billion
Domestic revenue shot to EGP 105.8 billion in 2023, a 60.5% surge

Meanwhile, international revenue reached EGP 46.4 billion in 2023, a 77.1% YoY increase and 30.5% of total revenues

Gross profit

recorded EGP 29.2 a 115.02% YoY surge, with a margin of 19.11% that expanded by 4.43% YoY.

Operating profit

reached EGP 17.7 billion, a 139.4% YoY spike, with a margin of 11.66% that climbed by 3.62% YoY.

Profit for the year after tax

was at EGP 11.1 billion, skyrocketing by 93.6% YoY with a margin of 7.32% that almost stayed flat.

Dividends:

The company’s board of directors proposed cash dividends for shareholders from the profits of 2023, with the proposal including the distribution of a cash coupon of 50 cents per share.

Now What:

Elsewedy Electric for Electrical Products, a subsidiary of Elsewedy Electric listed on the EGX, is eyeing the creation of a USD 50 million power transformers plant in Saudi Arabia. The company’s CEO, Ashraf Elassal, told Al Mal, hinting at a partnership with a mystery Saudi counterpart.