Cairo - Mubasher: El Sewedy Electric is forecasted to report net profits of EGP 200 million in the fourth quarter of 2015, said a recent report compiled by Pharos Research.
El Sewedy already achieved an attributable net income of EGP 962.3 million in the first nine months of 2015. Thus, the firm is on track to outperform Pharos's projected end of year figure of EGP 0.9-1.0 billion in 2015, which is already an all-time high net profit.
El Sewedy reported an attributable net profit of EGP 284.6 million in Q3-15, almost three times the attributable net profit reported in Q3-14, but 35.1% lower than Q2-15 level. Q3-15 figure brought the firm’s 9M-15 attributable net profit to EGP 962.3 million, up 210% y/y.
The firm’s revenues converged to their normal levels after achieving an impressive revenue figure of EGP 7,107.2 million in Q2-15, as it reported revenues of EGP 4,432.9 million in Q3-15, only 3.0% higher y-o-y.
Growth profit margin (GPM) also followed suit, as it contracted to Q3-14 levels of 16%, after recording a GPM of 17.4% in Q2-15 yet in line with H1-15 GPM of 16.1%.
The main contributors to the quarter’s revenues were the wires and cables segment and the turnkey projects segment, as each contributed 67.1% and 23.1%, respectively.
