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Elsewedy Electric’s board nods to loan from IFC

Elsewedy Electric’s board nods to loan from IFC

Arab Finance: The board of directors of Elsewedy Electric (SWDY) has approved obtaining a loan from the International Financial Corporation (IFC) to boost the company’s investments, according to a filing to the Egyptian Exchange (EGX) on June 27th.

The company will use the financing to either buy factories with relevant activities or build new factories, in addition to, developing or acquiring renewable power stations.

A portion of the loan will be used in the acquisition of new assets for the existing factories to boost the group’s production efficiency.

It is worth noting that Elsewedy Electric recorded a consolidated net profit attributable to the parent company amounted to EGP 760.86 million in the first quarter (Q1) of 2022, compared to a profit of EGP 700.06 million in Q1 2021.

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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