Cairo – Elsewedy Electric Co has opened its industrial complex and electric cable factory in Tanzania with total investments of more than $35 million.

Spanning over an area of 120,000 square metres, Al Suwaidi Industrial Complex includes factories for cables, wires, transformers, and meters, alongside a logistics centre built on an area of ??4,800 square metres, according to a bourse filing on Monday.

It is noteworthy to mention that during the first nine months of 2021, the company logged consolidated net profits of EGP 2.51 billion, up by 30% year-on-year (YoY) from EGP 1.93 billion, including minority shareholders' rights.

Source: Mubasher

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