Elsewedy Electric subsidiary to develop 1.4km in Sadat City

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Tue, 02 Jan 2018 - 02:59 GMT

BY

Tue, 02 Jan 2018 - 02:59 GMT

FILE –The road network in Cairo

FILE –The road network in Cairo

CAIRO – 2 January 2018: A subsidiary of local integrated energy solutions company Elsewedy Electric won a contract to develop 1.4 kilometers 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 Elsewedy, with the contract expected to be signed soon.

Elsewedy Electric’s profits soared 111 percent year-on-year in the third quarter (Q3) of fiscal year (FY) 2016/17, the company announced Wednesday.

The profits registered LE 1.56 billion ($88.4 million) in Q3, compared to LE 746.6 million in the same period in 2016.

Elsewedy Electric’s revenues were LE 11.4 billion in Q3, significantly up from LE 4.8 billion in Q3 2016.

Elsewedy Electric is the leading wire, cable and integrated energy solution provider in the Middle East and Africa.

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