Egypt’s El Sewedy Electric 9-month profits fall 23%

Egyptian cable maker El Sewedy Electric reported on Monday a 23 percent annual drop in its profits to 3.57 billion Egyptian pounds ($199 million) during the first nine months of the year.

Earlier, profits rose to 4.6 billion pounds during the first nine months of 2017.

Revenues decreased to 30.3 billion pounds through the nine months of 2018, compared to 32.11 billion pounds last year.

The company made standalone profits worth 1.9 billion pounds, down from 2.57 billion pounds last year.

Elsewedy Electric operates within the capital goods sector focusing on electrical components and equipment.

The company It has 37 subsidiaries operating across Northern Africa, Eastern Africa, Middle East, and Southern Europe.