Egypt’s El Sewedy Electric signs $26 M contract

Egypt: El Sewedy Electric Company (ESEC) announced that its subsidiary, El Sewedy Electric for Trading and Distribution (ESETD), signed a contract worth around $26 M (LE 445 M) to set up a transformer station and a transmission line for Al-Canal Sugar Company.

The project should be delivered 10 months after the signing of the contract and receipt of the advance payment.

In March, ESECTD signed a new engineering, procurement and construction contract for the New Administrative Capital’s 500 kV substation worth $72 M (LE 1.24 B).

El Sewedy posted profits of $297 M (LE 5.11 B) during the period from January to December of 2018, down from profits of $377 M (LE 6.48 B) in 2017.

Source: Egypt Today