Egypt's Elsewedy Electric posts $191mln profit

The company posted a 36% Year on Year decline in its consolidated net profit in the first nine months of 2020

  
Image used for illustrative purpose. Electric power substation.

Image used for illustrative purpose. Electric power substation.

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ArabFinance: Elsewedy Electric’s (SWDY) consolidated net profit decreased to EGP 3.027 billion in 2020, compared to EGP 4.02 billion in 2019, the company disclosed to the Egyptian Exchange on February 24th.

Standalone net profit reached EGP 2.29 billion in 2020, compared to EGP 2.41 billion in 2019.

Elsewedy Electric posted a 36% Year on Year decline in its consolidated net profit in the first nine months of 2020, registering EGP 1.73 million, compared to EGP 2.71 billion during the same period the year before.

The listed company is a provider of integrated energy solutions in Africa and the Middle East, and a manufacturer of cables and meters, especially smart meters. It has a portfolio incorporating all traditional and renewable energy areas along with related services.

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