Egypt - The profits of Elsewedy Electric increased by 16% in the first half (1H) of this year to reach EGP 2.02bn, compared to 1H 2021’s EGP 1.74bn in profits.

Moreover, the company’s revenues increased to EGP 38.96bn, up from EGP 26bn, and the parent company’s share of profits recorded EGP 1.88bn, compared to EGP 1.58bn.

Managing Director Ahmed Elsewedy said that the company continues to reap the benefits of the flexibility of its business model and its ability to adapt to various challenges, which has strengthened its ability to overcome the state of instability and economic fluctuations that clouded the global scene.

“The company is able to deal with the ever-changing operating environment thanks to its strong foundations and flexibility that enhances its ability to continue achieving our ambitious goals,” he added.

He also stressed that management has been working to enhance the efficiency of operational processes to become more sustainable and environmentally friendly, and that one of the main reasons for the company’s success is the focus on developing its digital capabilities.

Furthermore, Elsewedy pointed out that the company has made remarkable progress in terms of its digital transformation strategy vis-à-vis the organisational and engineering structure in order to enhance operational performance, and this transformation will serve as the main pillar for improving operational efficiency, as well as providing an integrated platform for achieving future growth and maximising returns for shareholders.

Additionally, the company’s Board of Directors decided earlier to purchase treasury shares with a maximum of 30m shares — 1.37% of the company’s total stocks — from the open market.

The company stated that the purchase of treasury shares will be carried out from 6 July until 5 October to strengthen the share price in the market and investment opportunities for the company.

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