Elsewedy Electric - Company's Website
CAIRO – 12 March 2018: Elsewedy Electric Co. SAE (SWDY) announced that its subsidiary ELSEWEDY ELECTRIC for Trading & Distribution has signed a new agreement with the Egyptian Electricity Transmission Company (EETC) worth LE 2.12 billion ($120.5 million).
The company clarified in a filling to the Egyptian Exchange (EGX) Monday that the agreement is for linking the Borg El Arab – Marsa Matrouh 500 Kilovolt power transmission lines with a total length of 255 kilometers.
The turnkey agreement is on an engineering, procurement and construction (EPC) basis, Elsewedy clarified.
The EPC contract will be implemented over a six-month period commencing from the date of signing and receipt of the project, according to the statement.
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.