ElSewedy Electric’s subsidiary signs $36.7M contract in Madagascar

CAIRO - 26 December 2019: ElSewedy Electric (SWDY) announced Wednesday that its subsidiary Iskraemeco-Egypt has signed a $36.7 million contract in favor of the Electricity & Water Company (JIRAMA), the state-owned electric and water utility company in Madagascar.

The company added in a filing to the Egyptian Exchange (EGX) that this contract is to supply 485,000 smart pre-paid meters.

“The supply contract will be implemented over 3 years commencing from the contract's signing date,” the company said.

ElSewedy Electric achieved profits of LE 2.78 billion during the first nine months of 2019, compared to profits of LE 3.57 billion, including minority rights, in the same period of 2018.

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