Cairo – Mubasher: Elsewedy Electric Company posted an 86.70% year-on-year (YoY) surge in consolidated net profit after minority interest to EGP 10.11 billion in 2023 from EGP 5.41 billion.
Consolidated revenue soared 65.10% YoY to EGP 152.18 billion last year from EGP 92.16 billion, according to a press release.
Fourth Quarter
During the fourth quarter (Q4) of 2023, consolidated net profit after minority interest declined by 12% YoY to EGP 2.04 billion from EGP 2.32 billion.
Revenues jumped 46.60% YoY to EGP 43.38 billion in Q4-2023 from EGP 29.59 billion.
Standalone Financials
In 2023, Elsewedy Electric’s standalone net profit decreased to EGP 2.35 billion, versus EGP 2.55 billion a year earlier.
Standalone revenues rose to EGP 9.11 billion last year from EGP 7.67 billion the year before.
The basic and diluted earnings per share (EPS) reached EGP 1.020 and EGP 1.019, respectively, in 2023, down from EGP 1.133 and EGP 1.132 in 2022
Cash Dividends
Elsewedy’s board has proposed the disbursement of EGP 0.50 per share in cash dividends, totalling EGP 1.06 billion.
Ahmed El Sewedy, CEO of Elsewedy Electric, said: “Elsewedy Electric ended 2023 on a very strong note, achieving substantial top and bottom-line growth. Our success continues to be driven by robust performances across our diverse lines of business.”
“Overall, our strategic growth initiatives across the group’s diverse segment and geographies along with a continuous commitment to improving working capital efficiency and cash management, have been key drivers of our financial success and have expanded our capacity to pursue new strategic opportunities,” El Sewedy added.
During the first nine months (9M) of 2023, the consolidated net profits attributable to the owners of Elsewedy Electric Company hit EGP 8.07 billion, versus EGP 3.09 billion in 9M-22.
