Egypt's Elsewedy Electric denies signing intelligent transportation contract

The company will disclose the value of the contract once it is signed

  

Cairo –   Elsewedy Electric Co has not signed an agreement yet to install intelligent transport systems on six roads in Egypt, according to a bourse disclosure on Tuesday.

In response to news reports about the implementation of the intelligent transportation project, Elsewedy Electric noted that the value of the potential contract has not been decided yet.

The company will disclose the value of the contract once it is signed.

It is worth mentioning that during the first quarter of 2020, the company achieved net profits of EGP 463.69 million, down from EGP 995.5 million in the prior-year period.

Source: Mubasher

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