Elsewedy Electric's unit inks $61mln contract with Egyptian National Railways

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The contract was inked in partnership with the Egyptian company for the renovation and maintenance of railways (ERTRAC) and Gharably Integrated Engineering Company

Staff Writer, Mubasher

July 7, 2022

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Cairo – El Sewedy Electric for Trade and Distribution, a subsidiary of Elsewedy Electric Co, signed an EGP 1.17 billion contract with the Egyptian National Railways to renew the long lines and station yards.

The contract was inked in partnership with the Egyptian company for the renovation and maintenance of railways (ERTRAC) and Gharably Integrated Engineering Company (GIECO), according to a press release on Thursday.

The share of El Sewedy Electric for Trade and Distribution in the 24-month contract is EGP 484 million.

It is noteworthy to mention that in the first three months (3M) of 2022, Elsewedy Electric Co reported consolidated net profits of EGP 828.20 million, up 7.6% from EGP 769.49 million in the same period of 2021, including minority shareholders' rights.

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