Table of Contents
Key Points
- Elsewedy Electric’s revenue surged 52.4% to EGP231.98 billion ($4.58 billion) in 2024, while net profit jumped 72.6% to EGP17.46 billion ($344.74 million).
- The wires and cables segment drove record earnings, growing 66.4% to EGP137.2 billion ($2.71 billion), supported by higher sales volumes and favorable exchange rates.
- Elsewedy’s assets rose 64.8% to EGP249.53 billion ($4.93 billion) as it advances a three-year expansion strategy focused on exports and AI-driven efficiencies.
Elsewedy Electric, the Cairo-based multinational cable, and electrical equipment manufacturer led by the Egyptian billionaire El-Sewedy family, posted record-breaking financial results for 2024, overcoming economic challenges to deliver strong revenue and profit growth.
It reported total revenues of EGP231.98 billion ($4.58 billion) for the year ending Dec. 31, 2024, a 52.4-percent increase from EGP152.19 billion ($3 billion) in 2023. Net profit surged 72.6 percent year-on-year to EGP17.46 billion ($344.74 million), demonstrating its ability to navigate inflationary pressures and currency fluctuations while capitalizing on market opportunities.
Strong earnings driven by wires and cables segment
Elsewedy’s earnings reached an all-time high, driven by strong performance across all business segments. The wires and cables division, the company’s core segment, grew by 66.4 percent year-on-year to EGP137.2 billion ($2.71 billion), supported by a 7-percent increase in sales volumes and favorable exchange rate movements.
The company’s backlog stands at EGP30 billion ($592.3 million), reflecting solid demand for its products and services. In line with its strong performance, Elsewedy’s Board of Directors has proposed a dividend of EGP1 ($0.0197) per share, totaling EGP2.14 billion ($42.27 million), reinforcing confidence in sustained profitability and shareholder value.
Looking ahead, Elsewedy Electric is pressing forward with a three-year expansion strategy aimed at doubling exports and integrating AI-driven efficiencies to enhance productivity and competitiveness in Africa and the Middle East’s energy infrastructure sector.
CEO highlights expansion and innovation
Ahmed El-Sewedy, CEO of Elsewedy Electric, credited the company’s record-breaking results to its diversified portfolio, operational efficiency, and expanding global footprint. “Our ability to optimize efficiency and leverage our geographic reach has been instrumental in driving growth and strengthening our leadership in the industry,” El-Sewedy said.
He also underscored the company’s commitment to innovation and sustainability, highlighting plans to integrate AI-driven solutions to boost efficiency. “As we move forward, our focus remains on forming strategic partnerships, increasing exports, and expanding our portfolio to support long-term growth,” he added.
Significant asset growth in 2024
Founded in 1938, Elsewedy Electric has evolved into a leading provider of energy, digital, and infrastructure solutions across the Middle East and North Africa. Under the billionaire El-Sewedy family, the company has expanded globally, strengthening its market position.
Elsewedy’s total assets grew significantly in 2024, rising 64.8 percent from EGP151.45 billion ($2.99 billion) at the end of 2023 to EGP249.53 billion ($4.93 billion) by December 31. The company also reported a sharp increase in total equity and retained earnings, which climbed 56.2 percent and 49.4 percent to EGP44.62 billion ($880.93 million) and EGP59.53 billion ($1.18 billion), respectively.
With a strong financial foundation, Elsewedy Electric is positioning itself for further expansion, reinforcing its role as a key player in the global energy and infrastructure market.
