Elsewedy Electric, an international cable and electrical equipment maker owned by Egyptian billionaire Ahmed El-Sewedy, has declared a significant increase in profits, cementing the company’s position as a vital participant in the global electrical equipment market.
According to the company’s recently revealed financial statistics, profits increased by $261.15 million over the nine months of its 2023 fiscal year (9M 2023), up from $100 million in 9M 2022.
Elsewedy Electric’s active participation in various Middle East and North African development projects, leveraging a solid award pipeline, and pricing tactics calibrated to macroeconomic inflation pressures, can be ascribed to the increase in profitability.
Because of the company’s extensive presence in the electrical equipment industry, it has become the preferred partner for numerous development projects in the Middle East and North Africa, resulting in a staggering revenue increase from $2.026 billion in 9M 2022 to $3.52 billion in 9M 2023.
Elsewedy Electric, founded in 1938 by the El-Sewedy family, has been a key player in the electrical equipment manufacturing sector, contributing considerably to different projects around the Middle East and North Africa.
The company has thrived under the leadership of the Egyptian billionaire family, with a majority ownership of 68.1 percent jointly controlled by Ahmed El-Sewedy and his siblings, Sadek and Mohammed, equivalent to 1,478,358,330 ordinary shares.
The remarkable financial performance is reflected in the basic earnings per share (EPS), which stood at $0.11 in January-September 2023, up from $0.0417 the previous year.
Furthermore, total assets increased to $4.59 billion in 9M-23, up from $3.69 billion at the start of the year.
Elsewedy Electric’s strong financial position and strategic efforts highlight the company’s dominance in the global electrical equipment market, setting it for long-term success.