Cairo – Mubasher: The board of directors of Elsewedy Electric Co approved unanimously revolving credit agreement with the African Export-Import Bank (Afreximbank) for up to $200 million.
The board’s nod was made during a meeting on 18 December 2022, according to a bourse statement.
In the first nine months of 2022, Elsewedy Electric generated consolidated net profits of EGP 3.33 billion, up by 32.66% year-on-year (YoY) from EGP 2.51 billion.
As for standalone business, the EGX-listed company's net profits advanced to EGP 1.24 billion in the nine-month period ended 30 September 2022, from EGP 957.02 million in the same period in 2021.
