El-Sewedy Electric, the Arab world's biggest listed cable maker, posted a 34 per cent drop in consolidated net profits for 2011, according to the Egyptian Stock Exchange Monday.

Net profit fell to LE536.5 million ($88.82 million) from LE 816.6 million in 2010, the bourse said.

On an unconsolidated basis, net income slumped by 70 per cent to LE252.6 million.