Elsewedy Electric for Trade and Distribution — a subsidiary of Elsewedy Electric — signed two contracts on Monday to construct transformer stations for the Egyptian Electricity Transmission Company (EETC) at a value of EGP 1.1bn.
The first contract includes the establishment of a transformer station in the Al-Hammam Area in Matrouh as part of the 1.5-million-feddan reclamation project being implemented by the Egyptian government at a total value of EGP 566.8m.
The second contract includes the construction of a passive transformer station with a voltage of 22/6/22 kV and a capacity of (3 * 175 + 5 * 40) MVA of the gas-insulated type at a value of EGP 533.3m.
The company said that the project is of a special nature, as it will provide power and electric power to many existing national projects in the region.
Furthermore, the contracts are to be executed within a period of 12 months from the date of their signing.
Elsewedy Electric’s profits increased by 16% during the first half (1H) of this year to reach EGP 2.02bn, compared to 1H 2021’s EGP 1.74bn.
The company’s revenues also increased to EGP 38.96bn, up from EGP 26bn.
Meanwhile, its share of profits amounted to EGP 1.88bn, compared to EGP 1.58bn.