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.
