Elsewedy Electric, a leading energy solutions provider in Egypt and the MEA region, revealed Tuesday the company’s first quarter (Q1) results for 2015 show a net profit increase reaching EGP239m.
The latest figures compare to the EGP105m recorded in the same period last year.
The company added: “Consolidated revenues in Q1 of 2015 decreased by 8% to reach EGP 4bn versus EGP 4.3bn in Q1 of 2014.”
Meanwhile, in the first three months of 2015, Elesewedy Electric’s gross profits reached EGP 556m, compared to the EGP 613m recorded in Q1 of 2014 and marking a 9% decrease.
The company also highlighted: “Volumes in the Egyptian operations were 20% lower in Q1 of 2015 versus Q1 of 2014, with the main decrease in volumes coming from the export market, mainly a reduction in exports to the GCC.”
In 2014, the company’s net profits were EGP 403m, an amount that climbed from the EGP 97m achieved in 2013, with 2014’s results marking a 315.5% increase.
In consortium with Siemens AG, Elsewedy signed a €2bn contract for the construction of a “new combined cycle power plant” of 4,800 MW in Beni Suef, Elsewedy Electric announced a few days ago. Elsewedy Electric’s contribution in the contract is €785m.
The project is expected to start producing energy in the summer of 2017, while the final fulfilment of the project is anticipated to take 38 months “from the financial closure”.
The main tasks to be undertaken by Elsewedy Electric include “site preparation, levelling and the civil construction and site utilities for the project”, among other duties and responsibilities.
Elsewedy Electric offers a wide range of products and services, including wind energy, electrical products, wires and cables, engineering and contracting services amongst others.