El-Sewedy Electric [SWDY]: Strong Set of Results Driven by Turnkey
Beating our estimates, yet PT maintained
Robust results despite of the pandemic: Elsewedy Electric’s [SWDY] 2020 consolidated net income after minorities decreased by 25% y/y to EGP3.03bn (vs. our estimated earnings of EGP2.34bn). Meanwhile revenues were almost flat, down only 1% y/y to EGP46.40bn (vs. our estimated revenue of EGP42.48bn). Margins decreased annually yet higher than our estimates; gross profit margin recorded 15.3% (vs. our estimate of 13.7%), and net profit margin was 6.5% (vs. our estimate of 5.5%).
Dina Abdelbadie
Equity Analyst
T +202 3300 5716
dabdelbadie@egy.primegroup.org