Elsewedy Electric Reports Consolidated Results for H1 2014, ended June 30th, 2014
[01 Sep 2014 ]



El Sewedy Electric Posts Q2 2014 Net Profit after Minority of EGP 110 million, on Total Group Revenues of EGP 4.2 Billion. On a Normalized Basis, Q2 2014 Net Profit reached EGP 242 Million.

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 2014 ended June 30th, 2014.



Q2 2014 versus Q2 2013:
• Consolidated revenues in Q2 2014 increased by 2% to reach EGP 4.2 billion versus EGP 4.1 billion in Q2 2013.

• Gross profit in Q2 2014 remains flat reaching EGP 685 million.

• EBITDA in Q2 2014 decreased by 29% to reach EGP 287 million versus EGP 407 million in Q2 2013 as a result of impairment of EGP 132 million related to the Yemen cables factory. Normalized Q2 2014 EBITDA stands at EGP 420 million.

• Net profit after Minority increased by 34% to reach EGP 110 million during Q2 2014 versus EGP 82 million during Q2 2013. Normalized net profit after minority stands at EGP 242 million.

H1 2014 versus H1 2013:
• Consolidated revenues increased by 11% to reach EGP 8.5 billion for H1 2014, versus EGP 7.7 billion in H1 2013.

• Gross profit increased by 5% to reach EGP 1,298 million during H1 2014, versus EGP 1,234 million in H1 2013.

• EBITDA decreased by 10% to reach EGP 628 million in H1 2014, versus EGP 701 million in H1 2013.

• Net profit after Minority Interest increased by 49% reached EGP 215 million in H1 2014 versus EGP 144 million for H1 2013. Normalized net profit after minority stands at EGP 457 million.

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