Cairo-based Elsewedy Electrical, the multinational cable and electrical tools producer led by the Egyptian billionaire El-Sewedy household, has secured a KWD18.7 million ($60.8 million) contract in Kuwait because it strengthens its footprint throughout the Center East and North Africa.
Underneath the settlement with Kuwait’s Public Authority for Housing Welfare, Elsewedy Electrical, by means of its subsidiary Egypt Cables Firm, will deal with the design, provide and set up of high-voltage electrical cables for the South Sabah Al-Ahmad Residential Mission.
The event, one in every of Kuwait’s main nationwide housing initiatives, goals to fulfill rising demand for city housing and is anticipated to be operational inside 24 months. The turnkey contract includes tools and techniques rated at round 400 kilovolts.
Elsewedy Electrical expands, income hits $4.2 billion
Based in 1938 Elsewedy Electrical has grown from a neighborhood wire producer right into a multinational power and infrastructure provider with operations in additional than 50 nations. Underneath CEO Ahmed El-Sewedy and different members of the El-Sewedy household, the corporate has expanded into cables, electrical tools and digital infrastructure options throughout MENA.
For the 9 months ending Sept. 30, Elsewedy Electrical reported an unaudited net profit of EGP14.13 billion ($298.5 million), down barely from EGP14.35 billion ($303.2 million) a yr earlier. Income rose 21 % to EGP199.71 billion ($4.22 billion) from EGP164.82 billion ($3.48 billion), whereas internet revenue fell 4.4 % to EGP12.67 billion ($267.7 million), decreasing primary earnings per share to EGP5.13 ($0.11) from EGP5.49 ($0.12).
Standalone internet revenue for the primary 9 months jumped to EGP 5.74 billion ($121.2 million) from EGP 973.73 million ($20.6 million) the earlier yr, reflecting stronger home efficiency. Elsewedy Electrical stated it expects full-year outcomes to enhance additional with greater manufacturing at cable vegetation and stronger earnings from its infrastructure and digital operations.
Elsewedy Electrical drives $500 million gulf growth
Elsewedy Electrical is presently transferring to broaden its presence in Saudi Arabia and Qatar, with planned investments totaling roughly $500 million. Ahmed El-Sewedy stated $400 million (SAR 1.5 billion) will go towards constructing 9 factories in Saudi Arabia, together with a specialised cable plant and a copper rod facility in Yanbu. The Yanbu plant, in partnership with Alfanar, is anticipated to supply greater than 130,000 tonnes of copper rods yearly.
As well as, Elsewedy Electrical participated in a $23 million Series A funding round for Nawah Scientific, an Egyptian life sciences firm increasing throughout Africa, the Center East, and Europe. The spherical, combining fairness and debt, was led by Life Ventures Holding with contributions from Den Ventures, Empire M, AfricInvest, and Elsewedy Electrical.
