Egypt-based Elsewedy Electric has been recognized among the top 100 companies in the Middle East by Forbes, due to its sector-based contribution to significantly boost local economic growth, Invest-Gate reports.

Coming top of the Forbes Middle East’s rankings for the second consecutive year, Elsewedy Electric was ranked 4th in Egypt, and the 87th in the Middle East. It is deemed one of the five distinguished Egyptian firms on the list, and one of the nine identified industrial businesses in the region, according to the company’s press release on June 14.

The ranking was based on market value, sales, assets, and profits. Accordingly, Elsewedy Electric reported net profits of USD 238 mn, revenues of USD 2.76 bn, assets of USD 3.3 bn, and a market value of USD 1.5 bn in 2019, as highlighted in the statement.

Hailing the company’s impressive performance, Managing Director of Elsewedy Electric Ahmed Elsewedy remarked, “This recognition stands as a proof of our commitment toward the internal and external markets, besides the high capacity to adapt to Egypt’s changing economic environment, which demands to realign growth strategies, as well as turnaround plans and cost-optimization initiatives.

Elsewedy Electric, founded in 1938, operates within the capital goods sector, focusing on electrical components and equipment. It has more than 42 subsidiaries running across North and East Africa, the Middle East, and Southern Europe, cooperating seamlessly to provide customers with all energy-related products.