Egypt’s cable maker El Sewedy Electric recorded a 19 percent fall in first half profits, recording 1.95 billion Egyptian pounds ($117.7 million) from 2.4 billion pounds last year, according to Egypt Today.
The company’s financial indicators revealed that revenues hit 21.5 billion pounds during January-June 2019 period, up from 20.1 billion pounds during the same period in 2018.
As per standalone results, the company recorded profits of 2.08 billion pounds, compared to 1.02 billion pounds during the same half of 2018.
Meanwhile, Elsewedy hit a profit of 957.8 million pounds during the second quarter of 2019, compared to 983.8 million pounds during the same quarter in 2018.
During the first quarter of 2019, Elsewedy Electric recorded a net profit of 955.51 million pounds, compared to 1.431 billion pounds during the same quarter in 2019.
On another note, Elsewedy Electric announced on August 19, reaching a full commercial operation for its two solar photovoltaic (PV) power plants, as part of the second phase of the Renewable Energies Feed-in-Tarrif (FiT) program launched by the Egyptian government.
Elsewedy Electric operates within the capital goods sector, focusing on electrical components and equipment. It has subsidiaries operating across Northern Africa, Eastern Africa, Middle East and Southern Europe.