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Elsewedy Electric [SWDY]
Egypt / Industrials / Q2 2021 Results
12MPT: EGP12.7 (+45%)
set on 28 Dec 2020
Investment Rating: Overweight | Risk Rating: Medium
Strong Q2 2021 results q/q and y/y
Elsewedy Electric’s [SWDY] Q2 2021 consolidated net income after minorities jumped by 73% y/y to EGP890mn (+27% q/q). Meanwhile, revenues increased by 47% y/y to EGP13.7bn (+12% q/q), driven by an increase across all segments except for meters and renewables which represent collectively only 4% of revenues. Not only did SWDY manage to jump off a very low base in Q2 2020 dented by COVID-19, it also managed to outperform Q1 2021 which had already exhibited a strong recovery. As a result, net profit margin improved to 6.5% in Q2 2021 (vs. 5.7% in Q1 2021 and 5.5% in Q2 2020).
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Dina Abdelbadie
Equity Analyst
T +202 3300 5716