Egypt’s El Sewedy Electric earnings double by 283% to EGP 3bln in Q1 2023

Egypt’s El Sewedy Electric announced on Tuesday that its profits doubled by more than 283 percent to 3.1 billion Egyptian pounds in the first quarter of 2023, compared to 828.2 million pounds for the same period last year.

The revenues grew by 79 percent in the first quarter year-on-year (YoY) to register 33.3 billion pounds, compared to 2.3 billion pounds for the same quarter in 2022, the company’s statement added.

In the first three months of 2023, the EGX-listed firm recorded an annual leap in standalone net profit after tax to 266.34 million pounds from 12.89 million pounds, and non-consolidated revenues hiked to 2.41 billion pounds during Q1-23.