ArabFinance: Elsewedy Electric (SWDY) announced that its subsidiary Elsewedy Electric for Trading and Distribution (EETD) signed a new agreement with the Egyptian Electricity Transmission Company (EETC) for Suez Gulf area S4 500KV overhead transmission lines with a total length of 20km, according to the company May 10thstatement filed to the Egyptian Exchange.

Lot No. (3) construction of transmission line of 500 KV with a length of 20 KM with a value of EGP 119.8 million on turnkey basis. The EPC contract will be implemented over a six-month period.

EETD operates in the execution of high voltage transmission lines for more than 1000 Km with both (220 KV and 500 KV) and substations (220 KV and 500 KV) within Egypt and Africa.

Elsewedy Electric distributed cash dividends of EGP 0.800 per share on April 30th to the shareholders recorded on April 27th.

In 2019, Elsewedy posted a net consolidated profit of EGP 4,163,107,975, a decline from EGP 5,109,679,722 achieved a year ago, taking into account the minority rights.

Standalone profit stood at EGP 2,414,827,017 in 2019, compared to EGP 2,242,605,109 reported a year earlier.

Elsewedy is a provider of integrated energy solutions in Africa and the Middle East, and a manufacturer of cables and meters, especially smart meters. The company has a portfolio incorporating all traditional and renewable energy areas along with related services.

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