Elsewedy Electric’s subsidiary secures US$45m contract at South Valley Development Project

EGYPT – The Elsewedy Company for Trade and Distribution, a subsidiary of Elsewedy Electric, has secured a contract worth EGP 711 million (US$45.41m) for infrastructure works at the South Valley Development Project.

In a disclosure to the Egyptian Exchange (EGX), Elsewedy Electric said that this project covers electrical infrastructure works for the first phase of the South Valley project under a turnkey system.

The work is scheduled to be completed within three months from the date of signing.

Earlier in February, ElSewedy Electric for Trading & Distributing, signed a new contract with Alexandria Petroleum Maintenance Co. Petromaint for EGP 126 million (US$8.05m) to execute the sewage treatment plant Njih with the capacity of 6000m/3day in Al Sharqia governorate in Egypt.

This came as a part of the sustainable sanitation services in rural areas program (SRSSP) in Al Sharqia governorate.

Last November, Elsewedy Electric announced the signing of a contract for establishing power lines and stations in Toshka and West Port Said, with a total value of EGP 846 million (US$54.03m).

In January and February, the company signed several further contracts relating to electricity, cables, stations, and related activities, with a value of more than EGP 1.5 billion (US$95.80m).

Elsewedy Electric for Trading & Distribution is a pioneer company in the execution of high voltage transmission lines for more than 1000 km with both (220 KV & 500 KV) and substations (220 KV & 500 KV) within Egypt and Africa.

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.

Elsewedy Electric posted a 36% Year on Year (YoY) decline in its consolidated net profit in the first nine months of 2020, registering EGP 1.73 million (US$0.11m), compared to EGP 2.71 billion (US$173.07m) during the same period the year before.

The listed company is a provider of integrated energy solutions in Africa and the Middle East, and a manufacturer of cables and meters, especially smart meters. It has a portfolio incorporating all traditional and renewable energy areas along with related services.

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