The biggest Arab cable maker made a third-quarter net profit of 191 million Egyptian pounds ($33 million), compared with an average forecast for 228 million in a Reuters poll in which estimates were in a 210-253 million range.

Analysts had said the company’s third-quarter profit would rise mainly on the back of higher demand for power generation in the Middle East.

The company’s shares fell 0.3 percent to 52.06 pounds, its lowest closing price since Sept. 8. Egypt’s benchmark index was down 0.3 percent.

Sewedy, which has production plants in Algeria, Egypt, Ethiopia, Ghana, Libya, Nigeria, Qatar, Saudi Arabia, Syria, Yemen and Zambia, exports to markets in the Middle East North Africa region, Brazil, Portugal, Spain and eastern Europe.

It said in September it was increasing output this year and the next due to growing demand for its products in Europe, the Middle Eastern and Africa.