Page 10 - AfrElec Week 06 2022
P. 10
AfrElec EARNINGS AfrElec
El Sewedy Electric net
earnings jump to $224mn
in 2021
EGYPT EL Sewedy Electric, Egypt’s leading wires and Despite its small size, the Electrical Prod-
cables producer and integrated energy solution ucts segment put on a strong revenue growth of
provider, reported a 16.7% y/y net earnings jump 39.8% y/y to EGP726mn, on the back of large-
to EGP3.53bn ($224mn) in 2021 on EGP60.5bn scale development projects in Egypt, the Middle
in revenues, up a remarkable 30.5% y/y, the com- East and Africa.
pany said in an earnings release. The prospects for the future look good, with
Revenue growth in 2021 was underpinned by the company estimating its backlog of Turn-
robust expansion in its Wires & Cables business, key Projects at EGP70bn, of which EGP53.7bn
as well as in Turnkey Projects. These showed worth were awarded in 2021.
growths of 60% y/y and 11% y/y, respectively, Established in 1938, Elsewedy Electric has
accounting between them for 90.7% of total since grown to become a “regional and tactically
company income. Consequently, gross profit global” integrated cables and electrical products
from the Wires & Cables division was up by 36% manufacturer and a turn-key services provider
y/y to EGP3.14bn, while gross profit from the with more than 15,000 employees working at 22
Turnkey Projects division grew by 16.5% y/y to production facilities in 15 countries.
EGP3.68bn.
Kenya, Ethiopia agree to discuss
new power purchase deal
GHANA KENYA and Ethiopia have agreed to fast-track a The Ethiopia-Kenya 500-kV transmission
delayed power purchase agreement (PPA) worth line will stretch some 1,200 kilometres, from the
$1.3bn that will see Nairobi import some 400 Wolayta-Sodo substation in Ethiopia to Kenya’s
MW per year, The Star reports. Moyale County, to deliver power to the Suswa
The respective governments are discussing substation.
an interconnection project enabling Ethiopia, The $1.3bn Wolayta-Sodo to Suswa line,
which is ramping up hydropower generation, to funded by the African Development Bank
supply power not only to Kenya but throughout (AfDB) and World Bank, among others, will
East Africa. transfer 2,000 MW from Ethiopia, which has the
The aim is to take advantage of excess potential to generate over 11,000 MW of hydro-
capacity within the network and facilitate the power, The East African reports.
trade of electricity between member countries Work is already ongoing to build the 2,000-
by integrating the power systems of Ethiopia km Kenya-Tanzania-Zambia interconnector to
and Kenya, along with Tanzania, Uganda and link to the South Africa Power Pool (SAPP) to
Rwanda, under the Eastern African Power Pool provide opportunities for trade between the east-
(EAPP) Master Plan. ern and southern part of the continent.
P10 www. NEWSBASE .com Week 06 10•February•2022
