El Sewedy Electric, a leading Egyptian conglomerate led by Ahmed El-Sewedy, achieved a record $185 million in profit at the end of its 2022 fiscal year, buoyed by its involvement in several developmental initiatives across the Middle East and North Africa.
Led by the visionary leadership of Ahmed El-Sewedy, El Sewedy Electric is a major multinational corporation that specializes in the production of electrical equipment and cables.
As one of the key players in the electrical equipment manufacturing industry, the company is primarily owned and controlled by the billionaire El-Sewedy family, namely Sadek, Ahmed, and Mohammed El-Sewedy.
Its recently published financial results reveal that the group’s profit surged by an impressive 48.96 percent in 2022, rising from EGP 3.86 billion ($125.4 million) in the previous period to EGP 5.75 billion ($186.9 million), driven by the strong growth in sales and revenue. The robust performance solidifies El Sewedy Electric’s position as a top contender in the industry.
During the period under review, the group’s revenue increased by 65.7 percent, from EGP60.54 billion ($1.96 billion) to EGP92.16 billion ($2.99 billion), boosted by a surge in its revenue from turnkey projects and an increase in sales of wires and cables.
The outstanding performance, marked by double-digit growth in both revenue and earnings, can be attributed to the company’s active participation in various development initiatives across the Middle East and North Africa, which has significantly contributed to its financial success in recent years.
As a prominent player in the electrical equipment manufacturing industry, the El-Sewedy-led group has consistently benefited from its robust award pipeline and pricing strategies that remain attuned to macroeconomic inflation pressures.
The company’s remarkable financial performance at the end of its 2022 fiscal year led to a notable increase in its total assets, which rose to EGP113.95 billion ($3.7 billion) from EGP 68.47 billion ($2.22 billion) in the previous year.
Additionally, owing to its strong financial performance, the board members recommended a cash dividend distribution of EGP0.40 ($0.0130) per share, amounting to EGP855.74 million ($27.81 million) for 2022.
This decision reflects the board’s confidence in the company’s growth potential and solidifies its commitment to creating value for its shareholders.
