ICEC

Egyptian cable maker Elsewedy H1 profit climb 109%

Egypt’s cable maker Elsewedy Electric (SWDY.CA) recorded a 109 percent y-o-y rise in profit during the first half of the year to 1.66 billion Egyptian pounds ($186.8 million).

Earlier, the company posted 792.92 million pounds in the first half of 2015.

First half revenues also surged 2.1 percent to 10.553 billion pounds versus 10.322 billion pounds last year.

Elsewedy further revealed in a bourse filling on Tuesday a 67.6 percent y-o-y growth in second-quarter net profit of 893.04 million pounds, compared to 532.93 million pounds in the same period a year earlier.

Revenue for the second quarter of this year reached 5.86 billion pounds versus 6.678 billion pounds in the same period a year earlier.

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