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.
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.