Egypt’s Elsewedy Electric records 47% drop in half year profit

EGYPT – Egyptian based electricity multinational, Elsewedy Electric Company’s (SWDY) has recorded a 47% drop in profits for the first six months of 2020, Egypt Today has reported. Elesewedy’s profits dropped to LE 1.02 billion (about US$ 64.02 million), from to LE 1.95 billion (US$ 122.39 million) achieved in the same period of 2019. The company’s financial results further revealed that revenues during the first half of the year dropped to LE 20.11 billion (US$ 1.26 billion), from LE 21.55 billion (about US$ 1.35 billion) realised during the same period…

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