Elsewedy Electric reports record revenues and operating profits in the second quarter of 2010

Monday, Aug 30, 2010

Elesewdy Electric reports record revenues and operating profits in the second quarter of 2010. Recovery from slow 2009 is on track
 
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 this week it’s consolidated financial results for the second quarter of 2010.

• Net revenues of LE 5,985 million for the 6 months ending June 30th 2010, 29% higher than the same period of 2009. Revenues for the three months ending June 30th 2010 was LE 3,052 million , 4% higher than the first three months of 2010 and 37% higher than the second quarter of 2009.

• Gross profit was LE 1,005 million in the six months ending June 30th 2010, up 39% from the same period of 2009, while for the second quarter gross profit was LE 516 million up 7% from first quarter of 2010.

• Net profit of LE 507 million for the 6 months ending June 30th 2010, 37% higher than the same period last year. Net profit for the three months ending June 30th 2010 was LE 256 million, 2% higher than the first three months of 2010 and 45% higher than the second quarter of 2009.

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Source: El Sewedy