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ELSEWEDY ELECTRIC Reports Q1 2017 Results Posting a 108% Y-o-Y Increase in Revenues to EGP 9.8 billion; Top-line Gains Carried Down to the Bottom-line with Net Profit Recording a Two-fold Increase to EGP 1.5 billion in Q1 2017
[29 May 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 quarter ending 31 March, 2017, reporting revenues of EGP 9,784.8 million, up 108.5% year-on-year. Revenue gains filtered down to the company’s bottom-line with net profit after minority interest posting an almost two-fold increase to EGP 1,508.9 million, yielding a net profit margin of 15.4%.

  1. Revenues increased 108.5% y-o-y to EGP 9,784.8 million in Q1 2017, with the company continuing to benefit from both organic growth, particularly at its wires & cables and turnkey projects segments, as well as 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. 
  2. Gross Profit recorded a 168.0% y-o-y increase to EGP 2,524.6 million in Q1 2017, with an almost six percentage-point expansion in gross profit margin to 26.0%.
  3. SG&A for the quarter stood at EGP 508.8 million in Q1 2017, up 71.0% y-o-y. However, as a percentage of sales SG&A declined to 5.2% in Q1 2017 compared to 6.3% in the same period last year.
  4. EBITDA came in at EGP 2,108.6 million in Q1 2017, up an impressive 161.3% y-o-y and with an EBITDA margin of 21.6% compared to 17.2% in Q1 2016.
  5. Net Profit after Minority Interest recorded a 99.2% y-o-y increase in Q1 2017 to stand at EGP 1,508.9 million compared to the EGP 757.5 million posted in the same period last year. Meanwhile, net profit margin recorded 15.4% versus 16.1% last year as the company had booked an FX gain of EGP 267.0 million Q1 2016 compared to a gain of EGP 5.2 million in Q1 2017.
  6. Net debt as at 31 March, 2017 recorded EGP 3,823.2 million, up by 41.8% compared to the EGP 2,695.7 million posted on 31 December, 2016.
  7. Inventory continued to grow q-o-q, recording EGP 8,149.8 million as at 31 March, 2017, up 33.9% compared to the EGP 6,085.3 million carried at 31 December, 2016. Meanwhile, the company’s total account receivables stood at EGP 21,177.5 million at the close of Q1 2017, up 22.0% q-o-q compared to the previous close of EGP 17,355.1 million. Similarly, accounts payable also recorded growth in-line with working capital components, posting EGP 17,661.3 million as at 31 March, 2017, up 31.4% versus year-end 2016 figure of EGP 13,444.7.


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