Cairo – Mubasher: MubasherTrade Research (MTR) reiterated its "BUY" recommendation on Elsewedy Electric, with a target price of EGP 58.5.
The company's revenues jumped in 2015 on the back of impressive performance from the turnkey segment (+137% YoY) to EGP6.4 billion vs. MTRe of EGP7.8 billion (-17.9%).
FY2015 earnings more than tripled to EGP1.25 billion, in line with MTRe and consensus estimates of 1.3bn (-4%), reflecting a net profit margin of 6.1% (+368bps YoY).
Egypt’s home appliance and cable producer posted on Tuesday an increase of 122% in net profits for the fourth quarter of 2015.
The fourth-quarter’s net profits amounted to EGP 247 million, up from EGP 111.2 million for the same period a year earlier.
In the same vein, the company said it saw net profits of EGP 1.35 billion for 2015, compared with EGP 445 million in the previous year, with an increase of 203%.
Previously, Elsewedy registered net profits of EGP 1.1 billion for the first nine months of 2015, up from EGP 333.9 million for the corresponding period of the preceding year.
