Cairo –  Elsewedy Electric Co’s board of directors approved the establishment of a new company in Saudi Arabia with a SAR 500,000 capital in accordance with the systems of the Saudi companies and the Ministry of Investment.

The company shall be entirely or partially owned by Elsewedy Electric and will be based in Riyadh city or any other Saudi city, according to a bourse disclosure.

Moreover, the company’s name will be proposed by Elsewedy Electric or the Saudi investment ministry.

In the first nine months of 2022, the company generated consolidated net profits of EGP 3.33 billion, up by 32.66% year-on-year (YoY) from EGP 2.51 billion.

As for standalone business, the company's net profits advanced to EGP 1.24 billion in the nine-month period ended 30 September 2022, from EGP 957.02 million in the same period in 2021.

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