Egyptian cable maker El-Sewedy says 9-month net profit jumps 230.7%

Egyptian cable maker El Sewedy Electric reported a 230.7 percent surge in its nine-month net profit to record 1.1 billion Egyptian pounds (US$140 million), from 333.9 million a year earlier.

El Sewedy’s revenues in the first nine months of 2015 reached 15.5 billion pounds compared to 12.8 billion pounds in 2014, marking an increase of 21 percent.

Additionally, the company’s consolidated financial statement revealed that assets hiked to 20.7 billion pounds by the end of September 2015, from 13.9 billion pounds by the end of December 2014.

On the other hand, the nine-month standalone financial statements have indicated a net profit of 151.2 million pounds from 204.3 million in 2014.

Meanwhile, the Egyptian company further unveiled that its third-quarter net profit had hit 298.95 million pounds, from 103.73 million a year earlier.

Revenue rose to 4.43 billion pounds from 4.30 billion during the Q3.