Elsewedy Electric, a prominent multinational cable and electrical equipment manufacturer majority owned by the Egyptian billionaire El-Sewedy family, has successfully secured a substantial $300-million credit facility from the African Export-Import Bank (Afreximbank).
Announced during the third edition of the Intra-African Trade Fair (IATF2023), Afreximbank disclosed that it has increased its global facility limits for Elsewedy Electric Group, marking a significant step in supporting contracting guarantees and meeting working capital needs.
This financial boost positions Elsewedy Electric to address its backlog of projects spanning across the African continent.
“The partnership with Elsewedy has been a journey of success, executing impactful projects in over 9 African countries. From Zambia to Tanzania, it’s been instrumental in bringing energy solutions and trade-enabling infrastructure to the continent,” Afreximbank stated.
Elsewedy Electric’s resilient legacy and soaring profits in 9M 2023
Established in 1938 by the El-Sewedy family, Elsewedy Electric has played a pivotal role in the electrical equipment manufacturing sector, making substantial contributions 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, totaling 1,478,358,330 ordinary shares, the company continues to flourish under the leadership of the Egyptian billionaire El-Sewedy family.
Recently released financial results indicate a remarkable surge in profits for Elsewedy Electric, reaching N8.07 billion ($261.15 million) during the nine-month period of its 2023 fiscal year (9M 2023), up from N3.09 billion ($100 million) in 9M 2022.
Dominance in MENA development projects drives revenue to $3.52 billion in 9M 2023
The surge in profit can be attributed to the company’s active participation in several Middle Eastern and North African development projects, leveraging a robust award pipeline and pricing strategies aligned with macroeconomic inflation pressures.
Elsewedy Electric’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. This success is reflected in the staggering revenue increase from EGP62.57 billion ($2.026 billion) in 9M 2022 to EGP108.8 billion ($3.52 billion) in 9M 2023.