Turnkey projects are indeed a key driver
ElSewedy Electric’s 9M revenues have grown 21.13% yoy. The company earned a net profit of EGP962M vs. EGP311M in 9M 2014 and enjoyed a gross margin of 16.18%, an improvement of 100 basis points compared to 2014. Gross Debt, however, has increased by 11.31% compared to 9M 2014, mostly comprising Short Term Debt (c. 96.24%). Sales have improved predominantly due to the stellar performance of the Turnkey Projects division, which saw revenues rise exponentially (+148%) compared to 2014, particularly in Q2 2015, when they amounted to EGP3.551bn vs.
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