El Sewedy Electric’s 9-Month Net Profit Falls 68%

El Sewedy Electric (SWDY.CA), the Arab world’s biggest listed cable maker, reported a decline of 68.7% in its 9-month net profit which hit EGP 165 million, compared to a net profit of EGP 528 million during the same period a year earlier.

El Sewedy’s 9-month revenues fell by around 8% to EGP 10.5 billion, compared to EGP 11.4 billion during the same period a year earlier. Additionally, the gross profit dipped by 12% to EGP 1.36 million, compared to EGP 1.5 million.

Total shareholders’ equity hit around EGP 5.28 billion during the nine-month period, compared to EGP 5.5 billion for the same period a year earlier.