Elsewedy Electric signs contracts for $114 M transformer stations
Egypt, Cairo: Elsewedy Electric for Trading and Distribution has signed three contracts worth $114 M (EGP 2.2 B) to establish transformer stations in the South Valley Development project.
The project aims to reclaim around 1600 km2 in the Toshka area.
The company stated that the contracts shall be implemented within six months from the date of receiving the site. Of those contracts, two were signed with the Egyptian Electricity Transmission Company, at a value of $57 M (EGP 1.1 B).
The first contract includes the implementation of the construction of a transformer station in Al-Hammam area in
The company said that the project is of a special nature, as it will provide power to many existing national projects in the region. The contracts are scheduled to be implemented within a period of 12 months from the date of signing the contract.
Meanwhile, the profits of Elsewedy Electric increased by 16 % during the first half of this year, to reach $103 M (EGP 2.02 B), compared to $90 M (EGP 1.74 B) in the comparable period from 2021.
The company’s revenues increased during the first half of this year to $2 B (EGP 38.9 B) compared to revenues of $1.34 B (EGP 26 B) in the comparable period from 2021.
Source: Daily News Egypt