Elsewedy Electric's unit inks electrical network contract addendum
The contract will be executed over a three-month period
Image used for illustrative purpose. Electricity pylons and power transmission lines are seen along a road in Cairo, Egypt September 10, 2017.
REUTERS/Amr Abdallah Dalsh
By Staff Writer, Mubasher
Cairo - Mubasher: Elsewedy Electric for Trading and Distribution, a subsidiary of Elsewedy Electric Co, signed a new addendum to the engineering, procurement, and construction (EPC) contract to build the internal electricity network for an area of 20,000 new reclaimed feddans in the East Oweinat region in the New Valley Governorate.
The EGP 190 million agreement has been signed with the Middle Egypt Electricity Distribution Company, Elsewedy Electric said in a bourse disclosure on Thursday.
This deal brings the total value of agreements signed for the East Oweinat region to EGP 665 million, the company added.
In May 2020, Elsewedy Electric for Trading and Distribution signed a contract to build an electrical network for a 50,000-feddan area in East Oweinat with a value of EGP 475 million on a turnkey system.
The contract will be executed over a three-month period from the date of signing the contract or receiving advance payment on a turnkey basis.
In the first quarter (Q1) of 2021, Elsewedy Electric Co. reported consolidated net profits of EGP 769.49 million, up from EGP 463.69 million in the year-ago period, including minority shareholders' rights.
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