Elsewedy’s sub. signs 500 kV substation contract for LE 1.24B

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Tue, 13 Mar 2018 - 11:21 GMT

BY

Tue, 13 Mar 2018 - 11:21 GMT

Elsewedy Electric - Company's Website

Elsewedy Electric - Company's Website

CAIRO – 13 March 2018: Elsewedy Electric Co. SAE (SWDY) announced that its subsidiary ELSEWEDY ELECTRIC for Trade & Distribution has signed Tuesday a new engineering, procurement and construction contract for the New Administrative Capital's 500 kilovolt substation.

Elsewedy clarified in a filing to the Egyptian Exchange (EGX) that the contract is valued at LE 1.24 billion ($70.16 million).

The statement added that the completion and delivery of the project will be in December 2018 on a turnkey basis.

Elsewedy ELECTRIC for Trading & Distribution signed Monday an agreement with the Egyptian Electricity Transmission Company (EETC) worth LE 2.12 billion for linking the Borg El Arab – Marsa Matrouh 500 Kilovolt power transmission lines with a total length of 255 kilometers.

On December 27, 2017, Elsewedy ELECTRIC for trade and distribution won the Egyptian Electricity Transmission Co.’s (EETC) bid to establish Borg El Arab - Marsa Matrouh electrical interconnection project.

Elsewedy subsidiary signed earlier a contract with the New Urban Communities Authority (NUCA) 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 LE 6.48 billion ($366.63 million) in 2017, compared to LE 3.9 billion 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. Elsewedy Electric is based in Cairo, Egypt, and was established in June 2005.

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