Elsewedy Electric Reports Consolidated Results for Q1 2014, ended March 31st, 2014

2014-7-14

 Elsewedy Electric (SWDY.CA on the Egyptian stock exchange), the leading Wire & Cable and Integrated Energy Solution Provider in the Middle East and Africa, announced its consolidated financial results for Q1 2014 ended March 31st, 2014.

Q1 2014 versus Q1 2013

• Consolidated revenues in Q1 2014 increased by 21% to reach EGP 4.3 billion versus EGP 3.6 billion in Q1 2013.

• Gross profit in Q1 2014 increased by 12% to reach EGP 613 million versus EGP 550 million in Q1 2013.

• EBITDA in Q1 2014 increased by 16% to reach EGP 340 million versus EGP 294 million in Q1 2013. Normalized Q1 2014 EBITDA stands at EGP 450 million.

• Net profit after Minority reached EGP 105 million during Q1 2014 versus EGP 62 million during Q1 2013. Normalized net profit after minority stands at EGP 215 million as a result of total impairments of EGP 110 million during Q1 2014 related to the Nigeria transformers factory (EGP 82 million) and the goodwill of the insulators factory (EGP 28 million.) The decision was taken to close the Nigeria factory until such time as the prospects in Nigeria improve for the transformers industry.

Q1 2014 versus Q4 2013

• Consolidated revenues increased by 13% to reach EGP 4.3 billion for Q1 2014, versus EGP 3.9 billion in Q4 2013.

• Gross profit increased by 58% to reach EGP 613 million during Q1 2014, versus EGP 388 million in Q4 2013.

• EBITDA increased by 233% to reach EGP 340 million in Q1 2014, versus EGP 102 million in Q4 2013.

• Net profit after Minority Interest reached EGP 105 million in Q1 2014 versus EGP (-94) million for Q4 2013.

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