Earnings Release: ELSEWEDY ELECTRIC Reports Consolidated Results for Q2 2015 ended June 30st, 2015.
[01 Sep 2015 ]

ELSEWEDY ELECTRIC Announces Record Quarterly Q2 2015 Net Profit after Minority of EGP 439 million, on Total Group Revenues of EGP 7.1 Billion. Turnkey Backlog of EGP 13.3 billion highest level achieved in the history of the Company

ELSEWEDY ELECTRIC (SWDY.CA on the Egyptian stock exchange), the leading Wire & Cable and Integrated Energy Solution Provider in the Middle East and Africa, announced its consolidated financial results for H1 2015 ended June 30th, 2015.

Q2 2015 versus Q2 2014:

• Consolidated revenues in Q2 2015 increased by 71% to reach EGP 7,107 million versus EGP 4,168 million in Q2 2015.

• Gross profit in Q2 2015 increased by 80% to reach EGP 1,233 million versus EGP 685 million in Q2 2014.

• EBITDA in Q2 2015 surged by 196% to reach EGP 912 million versus EGP 308 million in Q2 2014. During Q2 2015, the Company took and additional EGP 123 million of provisions related to outstanding overdue receivables from Sudan related to a completed turnkey project.

• Net profit after Minority reached EGP 439 million during Q2 2015 versus EGP 110 million during Q2 2014.

H1 2015 versus H1 2014

• Consolidated revenues increased by 30% to reach EGP 11,088 million for H1 2015, versus EGP 8,511 million in H1 2014.

• Gross profit increased by 38% to reach EGP 1,789 million during H1 2015, versus EGP 1,298 million in H1 2014.

• EBITDA surged by 122% to reach EGP 1,351 million in H1 2015, versus EGP 610 million in H1 2014.

• Net profit after Minority Interest increased by 215% reaching EGP 678 million in H1 2015 versus EGP 215 million for H1 2014.

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