(MENAFN- Daily News Egypt)
Gadwa for Industrial Development (GDWA), a leading company in the cable and dairy products sectors, reported a 53% increase in its revenues in 2023, reaching EGP 12, up from EGP 8bn in 2022.
Yasser Zaki, Managing Director of GDWA, attributed the remarkable performance to the company's ability to overcome the challenges that the industrial sector faced due to the global economic slowdown, the high prices of raw materials, and the expensive financing.
The company's net profits after deducting minority rights surged by about 438% to EGP 1bn in 2023, compared to EGP 186m in 2022.
The cable sector accounted for about 65% of the company's revenues in 2023, with a total of EGP 7.97bn, up from EGP 5.2bn in the previous year, reflecting a 53% growth. The sector raised the prices of its products to cope with the rising cost of raw materials caused by the fluctuation of exchange rates.
Zaki said that the company followed the state's strategy to support the industrial sector by adding the meter manufacturing activity, which started production in the fourth quarter of 2023. He also highlighted the significant growth of the electrical contracting sector, which is affiliated with the cable sector. The value of the contracts signed by the end of 2023 reached about EGP 5bn.
The company's research and development department in the cable sector is working on developing new products to meet the customers' needs and enhance the company's competitiveness in the Egyptian market.
On 31 December 2023, the dairy products and retail sector recorded a 95% increase in its revenues, amounting to EGP 2.71bn, compared to EGP 1.39bn in the same period of 2022. The sector benefited from the restructuring of the sales department in Arab Dairy, a subsidiary of GDWA, which reduced expenses and boosted sales. The sector also added new sales channels, attracted new customers, and adjusted the prices of its products in the local market to match the increase in production inputs.
Zaki indicated that the company's plan to restructure the production sector to optimize the available capacities resulted in a 30% increase in the production volume in 2023, which positively affected the production cost and profitability rates.
The export sector contributed about 44% of the total sales of Arab Dairy, which is the second largest exporter in the dairy products sector in the Egyptian market. Meanwhile, the Integrated Food Industries Company, another subsidiary of GDWA, achieved net profits of more than EGP 90m in its first year of operation.
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