Arab Finance: Elsewedy Electric (SWDY) reported a 37.02% year-on-year (YoY) increase in consolidated net profit attributable to the parent company for the first quarter (Q1) of 2024, according to the company’s financial statement filed to the Egyptian Exchange (EGX) on June 6^th.

Consolidated net profit attributable to the parent company amounted to EGP 3.979 billion in Q1 2024, compared to a profit of EGP 2.904 million in Q1 2023.

The company also generated consolidated revenues of EGP 45.249 billion in the first three months this year, up from EGP 33.335 billion in the same quarter last year.

The company recorded a standalone net profit after tax of EGP 644.131 million in Q1 2024, up from EGP 266.349 million in Q1 2022.

Elsewedy Electric is a leading integrated energy solutions provider in Africa and the Middle East. It has a portfolio incorporating all traditional and renewable energy areas along with related services.

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