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Egyptian businessman Ahmed El-Sewedy and his siblings, Sadek and Mohammed El-Sewedy, are set to receive EGP582 million ($18.9 million) in dividends from their El Sewedy Electric holdings, as the electric company prepares to reward its shareholders with a hefty dividend payout.
The $18.9-million dividend, which will be paid into the accounts of the Egyptian businessman and his siblings, represents the majority of the EGP855.74 million ($27.81 million) approved by the company’s board of directors.
Elsewedy Electric, founded in 1938 by the El-Sewedy family, is a leading player in the electrical equipment manufacturing industry and has played a significant role in the development of electrical projects throughout the Middle East and North Africa.
El-Sewedy and his siblings own 68 percent of the company.
At the end of its 2022 fiscal year, Elsewedy Electric’s profit increased by 48.96 percent, rising from EGP 3.86 billion ($125.4 million) in the previous period to EGP 5.75 billion ($186.9 million), owing to strong growth in sales and revenue.
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.
Thanks to its robust performance, which firmly established the group as a leading player in the electrical equipment manufacturing industry, the board of directors has recommended a cash dividend distribution of EGP0.40 ($0.0130) per share for 2022, totaling EGP855.74 million ($27.81 million).
As per the board’s dividend declaration, the El-Sewedy family are set to receive EGP582 million ($18.9 million) in dividends from their holdings in El Sewedy Electric.
