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ELSEWEDY ELECTRIC Net Profit Records a 209% Y-o-Y Increase in FY 2016 to EGP 3.9 billion; 4Q 2016 Revenues up 104% with Bottom-line up more than five-fold
[12 Apr 2017]

ELSEWEDY ELECTRIC (SWDY.CA on the Egyptian stock exchange), the leading Wires & Cables and Integrated Energy Solution Provider in the Middle East and Africa, announces its consolidated financial results for the full-year ending 31 December, 2016, reporting a net profit after minority interest of EGP 3,853 million, up 209% y-o-y, on revenues of EGP 24,645 million and yielding a Net Profit Margin (NPM) of 16%, a nine-point improvement compared to FY 2015. On a quarterly basis, the company posted record revenues of EGP 9,217 million in 4Q 2016, up 104% y-o-y and filtering into a bottom-line of EGP 1,502 million for the quarter, an impressive 431% y-o-y increase.

Revenues increased 30% y-o-y to EGP 24,645 million in FY 2016, driven by both organic growth and the translation into local currency of international and export revenues denominated in foreign currencies. The translation effect was particularly pronounced in the wake of the 3 November 2016 float of the Egyptian pound.

Gross Profit posted EGP 5,933 million in FY 2016, up 223% y-o-y and with a margin of 24.1%. 

SG&A during the full-year stood at EGP 1,343 million in FY 2016, up 109% y-o-y. As a percentage of sales, SG&A recorded 5.4% in FY 2016 versus 4.8% in the previous year. 

EBITDA posted EGP 4,536 million in FY 2016, up 103% y-o-y and with an 18.4% margin, a six-point expansion. On a quarterly basis, EBITDA posted EGP 1,365 million in Q4 2016, up 144% y-o-y with an EBITDA margin of 14.8%. 

Net Profit after Minority Interest came in at EGP 3,853 million in FY 2016, up more than three-fold compared to the EGP 1,245 million recorded in FY 2015 and with a NPM of 16% (FY 2015: 9%). On a quarterly basis, net profit posted EGP 1,502 million, a 431% y-o-y surge. Improvement in bottom-line profitability was supported by an FX gain following the float of the Egyptian Pound on 3 November, 2016, which saw the company book a gain of EGP 1,108 million in Q4 2016 and EGP 1,312 million for the full-year. 

Net debt as at 31 December, 2016 stood at EGP 2,696 million, down by 2.0% compared to the EGP 2,737 million carried on 30 September, 2016. 

Inventory levels grew 47% q-o-q to EGP 6,085 million as at 31 December, 2016, and up 100% compared to the EGP 3,038 million at year-end 2015. Meanwhile, the company’s account receivables stood at EGP 17,355 million as at 31 December 2016, up 71% q-o-q compared to the previous close of EGP 10,062 million. Accounts payable also mirrored the overall growth in working capital components, posting EGP 13,444 million at year-end 2016, up almost 90% versus EGP 7,083 million as of 30 September, 2016.  

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