Egyptian billionaire Ahmed El Sewedy’s electric company achieves $261 million in profit in 9 months

Yusuf Abdulfatai -

Elsewedy Electric, a multinational cable and electrical equipment manufacturer led by Egyptian billionaire Ahmed El-Sewedy, has announced a substantial increase in profits, solidifying its role as a key player in the global electrical equipment industry.

According to the recently released financial results, the company witnessed a remarkable surge in profits from N8.07 billion ($261.15 million) during the nine months period of its 2023 fiscal year (9M 2023), up from N3.09 billion ($100 million) in 9M 2022.

The surge in earnings can be attributed to Elsewedy Electric’s active participation in several Middle East and North African development projects, leveraging a strong award pipeline and pricing strategies attuned to macroeconomic inflation pressures.

Revenue growth underscores Elsewedy Electric’s dominance under Ahmed El-Sewedy

The company’s expansive presence in the electrical equipment industry has positioned it as the preferred partner for numerous development projects in the Middle East and North Africa, resulting in a staggering revenue increase from EGP62.57 billion ($2.026 billion) in 9M 2022 to EGP108.8 billion ($3.52 billion) in 9M 2023.

Founded in 1938 by the El-Sewedy family, Elsewedy Electric has been a pivotal player in the electrical equipment manufacturing sector, contributing significantly to various projects across the Middle East and North Africa.

With a majority stake of 68.1 percent jointly owned by Ahmed El-Sewedy and his siblings, Sadek and Mohammed, amounting to 1,478,358,330 ordinary shares, the company has thrived under the leadership of the Egyptian billionaire family.

Elsewedy Electric exceeds $4.5 billion in total assets

The impressive financial performance is evident in the basic earnings per share (EPS), which stood at EGP3.4 ($0.11) in January-September 2023, marking a significant year-on-year increase from EGP1.29 ($0.0417).

Additionally, total assets reached EGP141.71 billion ($4.59 billion) in 9M-23, compared to EGP113.95 billion ($3.69 billion) at the beginning of the year.

Elsewedy Electric’s robust financial standing and strategic initiatives underscore its dominance in the global electrical equipment industry, positioning it for continued success in the foreseeable future.