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ELSEWEDY ELECTRIC Reports solid H1 2017 performance with a two-fold increase in revenues to EGP 20.7 billion and double-digit growth of net profit to EGP 3.0 billion; proposed dividend of EGP 8 per share
[16 Aug 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 six-month period ending 30 June, 2017, reporting revenues of EGP 20,655.2 million, up 95.7% year-on-year. Revenue gains filtered down to the company’s bottom-line with net profit after minority interest posting strong double-digit growth to EGP 3,010.4 million, yielding a net profit margin of 14.6%.

  1. Revenues increased by 95.7% y-o-y to EGP 20,655.2 million in H1 2017, mainly driven by 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 94.1% y-o-y increase to EGP 4,670.5 million in H1 2017, with a slight reduction in gross profit margin of less than 200 basis points.
  3. SG&A stood at EGP 1,181.1 million in H1 2017, representing 5.7% of sales compared to EGP 561.9 million in H1 2016, representing 5.3% of sales.
  4. EBITDA came in at EGP 3,963.8 million in H1 2017, up 85.3% y-o-y and with an EBITDA margin of 19.2% compared to 20.3% in H1 2016. This amount includes an impairment reversal of EGP 279.5 million following the company’s divestment from its Syrian-based holdings, including Elsewedy Cables-Syria, Elsewedy Electric-Syria and SedPlast Syria.
  5. FX gains increased by 68.6% y-o-y to EGP 325.2 million in H1 2017 and includes FX gains of EGP 214 million related to the company’s divestment of its Syrian-based holdings.
  6. Net Profit after Minority Interest recorded an 84.6% y-o-y increase in H1 2017 to stand at EGP 3,010.4 million compared to the EGP 1,630.9 million posted in the same period last year. Meanwhile, net profit margin recorded 14.6% versus 15.5% last year.
  7. Net debt as at 30 June, 2017 stood at EGP 3,300.4 million, down by 13.7% q-o-q compared to the EGP 3,823.2 million posted on 31 March, 2017.
  8. Inventoryfell slightly q-o-q, recording EGP 7,652.0 million as at 30 June, 2017, down 6.1% compared to the EGP 8,149.8 million carried at 31 March, 2017. Meanwhile, the company’s total account receivables stood at EGP 12,351.2 million at the close of H1 2017, up 6.9% q-o-q compared to the previous close of EGP 11,555.2 million. Payables remained almost unchanged q-o-q, posting EGP 2,315.4 million as at 30 June, 2017, down 0.1% versus EGP 2,316.7 million as at 31 March, 2017.

 

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