The Clap
Elsewedy Electric’s Q1-2023 soared 281% compared to the same period last year, recording EGP 2.9 billion. Revenues rose 79.5%, recording EGP 33.3 billion.
What
The jump in revenues was mainly driven by growth in the wires & cables segment, which grew 92.5%, & the contracting projects segment, which rose 53.2%. Both segments together make up around 80% of the company’s total revenues.
So What
Despite general & administrative expenses increasing by 86.5%, the company made extra money off of currency exchange differences due to significant exports.
Now What
CEO Ahmed Elsewedy said the company is now focused on carbon removal projects & attracting the funding needed to implement these projects.
