Egypt’s El Sewedy Electric unit to develop 1.4km in Sadat City

An affiliate of Egypt’s integrated energy solutions company El Sewedy Electric signed contracts  to develop 1.4km in Sadat City, the company announced in a Tuesday statement to the Egyptian Exchange.

Launched by the Industrial Development Authority, the piece of land will be fully developed by El Sewedy, with the contract expected to be signed soon.

Elsewedy Electric’s profits soared 111 percent year-on-year in the third quarter of financial year 2016/2017, the company announced Wednesday.

The profits registered 1.56 billion Egyptian pounds ($88.4 million) in the third quarter, compared to 746.6 million pounds in the same period in 2016.

Elsewedy Electric’s revenues were 11.4 billion pounds during the third quarter, significantly up from 4.8 billion pounds during the same period last year.

El Sewedy Electric is the leading wire, cable and integrated energy solution provider in the Middle East and Africa. Source: Egypt today