Home » Egyptian tycoon Ahmed El Sewedy’s electric company records over $44 million in profit in Q1 2022

Egyptian tycoon Ahmed El Sewedy’s electric company records over $44 million in profit in Q1 2022

by Feyisayo Ajayi
Ahmed El-Sewedy

Despite the disruptions in its operating environment, El Sewedy Electric, a multinational cable and electrical products manufacturer led by Egyptian multimillionaire businessman Ahmed El Sewedy, reported a profit of EGP828.2 million ($44.5 million) in the first quarter of 2022.

The group’s profit increased by 7.6 percent in the first quarter of 2021, from EGP769.5 million ($41.35 million) in the previous period to EGP828 million ($44.51 million), owing to strong growth in sales and revenue.

During the first quarter of 2022, the group’s revenue increased by 51 percent, from EGP12.3 billion ($661 million) to EGP18.57 billion ($998 million), boosted by a 64-percent increase in revenue from Turnkey Projects and a 47.5-percent increase in sales of wires and cables.

Benefits from the promising awards pipeline and responsive pricing measures to macroeconomic inflationary pressures aided the double-digit increase in sales.

Despite strong double-digit revenue growth, earnings increased by a single digit due to downward pressures from increased salaries associated with the consolidation of new acquisitions, as well as increased selling expenses and freight costs.

While commenting on the performance, El Sewedy, the group’s CEO, stated that strategic planning is critical to the group’s business model’s sustainability and that this increased its agility and ability to respond to disruptions in its operating environments.

“We focus on contingency planning, which enables us to stay the course and reinforce our dedication to the ambitious targets set for the year. “I am confident in our ability to deliver on our growth plan for 2022 while reaffirming our conviction to expand our presence inside Egypt and abroad,” he said.

Elsewedy Electric is an Egyptian international electrical corporation founded by the Elsewedy family in 1938. El-Sewedy leads the firm, which has total assets of EGP77.8 billion ($4.2 billion) spread across 15 countries.

The El-Sewedy family, represented by Sadek, Ahmed, and Mohammed Elsewedy, owns 68 percent of the corporation, or 1,478,689,860 ordinary shares.

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