Arab Finance: Elsewedy Electric (SWDY) reported a 51.6% year-on-year (YoY) increase in consolidated net profits attributable to the parent company for the first half (H1) of 2024 to EGP 8.436 billion from EGP 5.564 billion, as per a filing.

Revenues went up to EGP 102.626 billion in the January-June period, compared to EGP 69.638 billion in the same period of 2023.

However, the company incurred EGP 109.9 million in standalone net losses after tax in H1 2024, against net profits of EGP 1.431 billion in H1 2023.

Meanwhile, standalone revenues dropped to EGP 3.609 billion from EGP 4.932 billion.

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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