El Sewedy Electric, the Egyptian conglomerate led by tycoon Ahmed El-Sewedy, achieved extraordinary financial success in the first quarter of 2023, with its profit exceeding EGP2.9 billion ($94 million), driven by significant revenue growth across all its operating units.
The remarkable performance has positioned the company as a major player in the electrical equipment manufacturing industry.
According to the recently released financial results, El Sewedy Electric witnessed a staggering 282 percent surge in its profit during the first quarter of its 2023 fiscal period.
The group’s profit soared from EGP760.9 million ($24.62 million) in the same period last year to an impressive EGP2.9 billion ($94.01 million). This substantial profit increase can be attributed to exceptional performances across the conglomerate’s operating units.
The group’s revenue witnessed a remarkable 79.5-percent growth during the period under review, rising from EGP18.57 billion ($601.03 million) in Q1 2022 to EGP33.33 billion ($1.08 billion) in Q1 2023.
Among its various operating segments, El Sewedy Electric’s wires and cables division emerged as the largest contributor to total revenues, accounting for an impressive 54 percent of the group’s consolidated top-line.
The segment recorded revenues of EGP17.9 billion ($579.4 million) in the first quarter of 2023.
Moreover, turnkey projects generated revenues of EGP11.57 billion ($374.4 million), exhibiting a significant growth of 53.2 percent, with a notable 35 percent contribution to the group’s consolidated revenues.
This upswing was primarily driven by increased project execution both within and outside Egypt. The group’s meters segment also experienced noteworthy growth, with revenues doubling to EGP1.633 billion ($52.76 million) due to increased volumes and pricing.
Since its establishment in 1938 by the El-Sewedy family, El Sewedy Electric has been instrumental in the development of electrical projects across the Middle East and North Africa.
The family, represented by Sadek, Ahmed, and Mohammed El-Sewedy, maintains a 68-percent stake in the group, which is valued at EGP20.15 billion ($679.7 million) presently.
As a result of its impressive financial performance in the first quarter of the 2023 fiscal year, El Sewedy Electric’s total assets surged from EGP113.95 billion ($3.68 billion) to EGP133.51 billion ($4.32 billion).
Furthermore, retained earnings rose from EGP21.6 billion ($700 million) to EGP24.41 billion ($790 million), solidifying the conglomerate’s financial strength and future prospects.
El Sewedy Electric’s outstanding Q1 performance showcases its position as a powerhouse in the electrical equipment manufacturing sector.
With surging revenues and record-breaking profits, the company continues to pave the way for growth and innovation in the industry, further establishing its dominance in the market.
