Elsewedy Electric for Trading & Distribution, a subsidiary of Egyptian company Elsewedy Electric, has signed a contract to build a new electricity substation at a value of EGP 355.5 million ($21 million US) .

The contract, to build the substation at Sadat City, Northwest of Cairo, will be implemented over a 14-month period, the company said in a statement to the Egyptian Stock Exchange.

The subsidiary, which operates in Egypt and Africa, previously signed an engineer, procurement and construction contract in June worth $26 million with Al-Mostakbal Urban Development Company.

The company’s profits fell by 47 percent in H1 2020.

(Writing by Imogen Lillywhite; editing by Seban Scaria )

imogen.lillywhite@refinitiv.com

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© ZAWYA 2020