Sherif El-Zeini, Vice Chairman of the Board of Directors of the Egyptian “El Sewedy Electric” Group, said, in an interview with “Al-Arabiya” today, Thursday, that the main factors that supported the strong growth in the group’s profits during the first quarter of this year, as profits multiplied 2.83 times, is the increase in production. and sales.
The sales sector in the group alone achieved an increase of 50%, while the contracting sector achieved 30%, of the total profits, which amounted to 3.1 billion pounds, according to Al-Zaini.
Al-Zaini pointed out that the advantage in the industrial sector of the company is the diversity and multiplicity of production lines, as the problem of dollar scarcity in Egypt did not strongly affect the group, because 55% of the group’s production and exports are carried out abroad, given that “El Sewedy Electric” is considered a global company, and its production It is carried out in more than one country, and it owns 25 factories around the world in Europe and Asia, in addition to its factories in Egypt.
Al-Zaini said that the presence of the company’s factories in many countries reflected positively in the increase in the profits of the first quarter of 2023, compared to the same period last year, indicating that the difference in profits between the two quarters is a “real profit”, but part of it is due to the “price difference”. currencies”.
In response to a question about the company’s business being affected by the issue of dollar scarcity in Egypt, and whether this affected the ability to import raw materials, Al-Zaini said that the company was ready by virtue of being a company with large assets, and has sufficient stocks to continue its work at a “very difficult” time. Without being affected by the issue of the dollar in the Egyptian market, as it had stocks of raw materials worth between 25 and 30 billion pounds.
Elsewedy Electric announced today, Thursday, that its profits had doubled 2.83 times during the first quarter of this year, and that quarterly revenues had increased by 79% to EGP 33.3bn. Quarterly profits exceeded analysts’ average expectations of EGP 1.6bn, according to the company’s announcement.