Cairo - Mubasher: Pharos Research has maintained its "Overweight" recommendation for Elsewedy Electric, according to a recent report.
The report also stated that the research firm is in the process of upgrading its fair value (FV) evaluation to account for the impressive improvement in margins.
The company’s consolidated profits for the fourth quarter of fiscal year 2016 surged 581.8% to EGP 1.5 billion, compared to EGP 220 million for in Q4-FY15.
As for the annual consolidated profits, it amounted to EGP 3.9 billion last year, rising by 200% year-on-year.
Standalone profits for FY16 increased to EGP 957.6 million from EGP 754.08 million for FY15.
Consolidated foreign exchange earnings amounted to EGP 1.3 billion in FY16, while standalone foreign exchange earnings reached EGP 199.4 million.
