Cairo – Mubasher: Elsewedy Electric on Wednesday announced achieving a 68% year-on-year growth in profits in the second quarter of 2017 on the back of higher revenues.
The electric equipment firm posted EGP 1.5 billion ($80 million) in profits in Q2-17, registering an increase from EGP 893.04 million ($50.3 million) in the corresponding period of 2016, according to a filing to the Egyptian Exchange (EGX).
Revenues almost doubled to EGP 10.8 billion in Q2-17 from EGP 5.86 billion in the year-ago period.
Meanwhile, at the level of the first six months of 2017, the electrical components and equipment company said it achieved EGP 3.05 billion in profits compared to EGP 1.66 billion in H1-16.
Standalone profits amounted to EGP 1.9 billion in H1-17, registering a sharp increase from EGP 345.12 million in the corresponding period of 2016, according to the statement.
Elsewedy Electric had previously reported a profit of EGP 1.54 billion in the three months ended March 2017, up from EGP 768.7 million, including minority shareholders’ rights, in the year-ago period.
By 10:23 am Cairo time on Wednesday, Elsewedy’s stock gained 3.79% to EGP 89.26, while turnover amounted to EGP 4.071 million.
In June, MubasherTrade Research raised its price target (PT) for Elsewedy’s stock by 38% to EGP 119.32 per share from EGP 86.77, noting that the company’s backlog may be able to secure “impressive operational performance for two years.”
