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Profits drop 34 pct at Egyptian cable firm Sewedy

By Tamim Elyan / Reuters CAIRO: Egypt’s El Sewedy Electric, the Arab world’s biggest listed cable maker, reported on Monday a 34 percent drop in its consolidated net profit for 2011, a year of political uprisings that disrupted economies in the region. Net profit fell to LE 536.5 million ($88.82 million) from LE 816.6 million in …

DNE

AlembicHC raises El Sewedy to overweight

CAIRO: El Sewedy Electric is poised to benefit from falling copper prices, said AlembicHC and upgraded the company’s stock to "overweight" citing compelling valuation. The brokerage said it expected Sewedy’s Turnkey division, which is a relatively high-margin business to represent a third of the company’s business by 2012. "We expect the division…to continue to deliver …

DNE

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