ELSEWEDY ELECTRIC's subsidiary signs $16.7M contract in Ghana

CAIRO – 5 September 2021: ELSEWEDY ELECTRIC S.A.E. (SWDY) announced Sunday that its subsidiary ELSEWEDY ELECTRIC for Transmission & Distribution of Energy signed a new EPC contract worth $16.7 million.

The company clarified in a filing to the Egyptian Exchange (EGX) that the contract is to build substation for electricity Company of Ghana.

“ElSewedy Electric for Transmission & Distribution of energy scope of work includes the design, supply and installation of the whole project,” it added.

The contract will be implemented over 24-moths period on turnkey basis, according to the company.

Elsewedy Electric Company’s (SWDY) consolidated results showed a 70.58 percent increase in its profits during the first half of 2021, recording LE 1.74 billion, compared to LE 1.025 billion in the same period of 2020.

Elsewedy Electric operates within the capital goods sector focusing on electrical components and equipment. It has 37 subsidiaries operating across Northern Africa, Eastern Africa, Middle East and Southern Europe.