Egypt’s El Sewedy Electric first-half profits drop 47% y-o-y

Egyptian cable maker, El Sewedy Electric reported a 47 percent year-on-year decline in its net profits to 1.025 billion Egyptian pounds ($64.4 million) during the first half of the current year.

Earlier, profits recorded 1.95 billion during the first half of 2019.

The company made revenues worth 20.11 billion during the six-month period ended last June, down from 21.55 billion pounds during the same period last year, according to a bourse filling.