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UPDATE 1-Egypt's El Sewedy Electric looking to expand, build warehouses
November 16, 2017 / 2:29 PM / a month ago

UPDATE 1-Egypt's El Sewedy Electric looking to expand, build warehouses

(Adds details, background)

CAIRO, Nov 16 (Reuters) - Egypt’s El Sewedy Electric , the largest listed cable company in the Arab world, is working to increase its exports and aims to establish six logistics warehouses in the next five years, its chief executive said on Thursday.

Ahmed El Sewedy said the warehouses would be in Zambia, Djibouti, Kenya and elsewhere.

The company is also studying expanding in Latin America, Kazakhstan, Indonesia and Pakistan within two years and is looking for opportunities to develop industrial sites in Egypt at Al Alamein and Ain Sukhna, he told Reuters on the sidelines of a press conference.

The CEO said manufacturing in Egypt had become attractive for both the domestic market and exports, adding the company currently exports 70 percent of its output to over 11 countries.

Appetite for Egyptian exports has increased since a flotation of the currency last year saw its value plunge by half.

The flotation was part of a $12 billion International Monetary Fund reform programme aimed at boosting Egypt’s economy which has struggled since a 2011 uprising drove investors and tourists away.

El Swedey achieved a net profit of 1.56 billion Egyptian pounds ($88.41 million) in the third quarter of this year compared with 720.73 million the previous year.

$1 = 17.6000 Egyptian pounds Reporting by Ehab Farouk; Writing by Arwa Gaballa; Editing by Jason Neely and Mark Potter

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