Egyptian group El Sewedy Cables said it expects to report a 24 per cent decline in 2009 unaudited net income to EGP630 million ($115 million).

The largest Arab cable maker by market value, Sewedy has production plants in Ethiopia, Libya, Nigeria, Yemen and Qatar, as well as Egypt. It is due to report full-year results later this month.

The company said it has invested EUR40 million ($55 million) in two plants to supply equipment for wind farms in Egypt. – Reuters