Elsewedy’s subsidiary signs contract for electricity for 225 mln pounds

Elsewedy Electric Co. SAE announced that its subsidiary, Egytech Elsewedy, signed a contract with the Egyptian Electricity Transmission Company (EETC) for 225 million Egyptian pounds.

Elsewedy clarified in a filing to the Egyptian Exchange (EGX) that this contract is to connect power transformers at the plant in Imbaba with El Maamadya’s plant on a turnkey basis.

Another subsidiary, ELSEWEDY ELECTRIC for Trade & Distribution, signed earlier this month a new engineering, procurement and construction contract for the New Administrative Capital’s 500 kilovolt substation worth 1.24 billion pounds.

It also signed another agreement with the Egyptian Electricity Transmission Company (EETC) worth 2.12 billion pounds. for linking the Borg El Arab – Marsa Matrouh 500 kilovolt power transmission lines with a total length of 255 kilometers.

In December 2017, Elsewedy ELECTRIC for trade and distribution won the bid from Egyptian Electricity Transmission Co. to establish Borg El Arab – Marsa Matrouh electrical interconnection project.
Elsewedy subsidiary earlier signed a contract with the New Urban Communities Authority to build a substation in Badr City for LE 477 million.

Elsewedy Electric owns a 99.80-percent stake in Elsewedy Electric Co. for trade and distribution.

Elsewedy Electric recoded net profit of 6.48 billion pounds ($366.63 million) in 2017, compared to  3.9 billion  pounds in 2016.

Elsewedy Electric operates within the capital goods sector focusing on electrical components and equipment.

It has 37 subsidiaries operating across Northern and Eastern Africa, Middle East and Southern Europe.