Egypt’s El Sewedy Electric 9-month net profit falls 30.5% amid coronavirus

Egypt’s El Sewedy Electric reported on Sunday a 30.5 percent decline in net profit for the first nine months of the year due to the coronavirus pandemic.
The company, one of the largest cable and electrical product manufacturers in the Middle East and Africa, made a nine-month net profit of 1.935 billion Egyptian pounds ($123.7 million) period – including minority shareholders’ rights – from 2.785 billion pounds in the same period last year.
Revenues for the January-September 2020 period also fell to 31.470 billion pounds from 34.546 billion pounds last year.