Cairo –  Elsewedy Electric Co announced that its subsidiary Elsewedy Electric for Trading and Distribution signed a new agreement worth EGP 119.8 million with the Egyptian Electricity Transmission Company.

The deal incudes the construction of 500 kilovolt (KV) Suez Gulf area S4 overhead transmission lines extending for 20 kilometres on a turnkey basis, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.

The contract will be executed over a six-month period.

It is noteworthy to mention that in 2019, Elsewedy Electric reported net profits of EGP 4.163 billion, down from EGP 5.109 billion a year earlier.

Source: Mubasher

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