Elsewedy Electric Company’s (SWDY) consolidated results showed a 22.75 percent decline in its profits during the first nine months of 2018, recording LE 3.58 billion including minority rights, compared to LE 4.63 billion in the same period of 2017.
The indicators showed that gross profit during the nine months hit LE 4.18 billion, compared to LE 6.93 billion during the same period of the prior year.
As per the consolidated profits of the third quarter of 2018, the company accomplished profits of LE 1.16 billion, compared to LE 1.57 billion during the same quarter of 2017, with a decrease of 26.34 percent.
Moreover, the company’s standalone profits decreased 25.74 percent to LE 1.91 billion during the first nine months of 2018, from LE 2.57 billion during the same months of 2017.
The standalone profits in the third quarter of the current year hiked 38.76 percent, reaching LE 889.46 million, compared to LE 641.01 million during the same three months of 2017.
The share of the company lessened 2.79 percent at 12:55 p.m. (Cairo time) to reach levels of LE 16.75 per share, after trading on 2.39 million shares with a turnover of LE 40.12 million.
Elsewedy Electric recoded net profit of LE 6.48 billion in 2017, compared to LE 3.9 billion in 2016.
Elsewedy Electric operates within the capital goods sector focusing on electrical components and equipment.
It has 37 subsidiaries operating across Northern Africa, Eastern Africa, Middle East and Southern Europe.
