Elsewedy Electric for Trading and Distribution, a subsidiary of Elsewedy Electric, has signed three contracts worth EGP 2.2bn to establish transformer stations in the South Valley Development project which aims to reclaim 375,000 feddan 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 EGP 1.1bn.
The first contract includes the implementation of the construction of a transformer station in Al-Hammam area in Matrouh governorate, as part of the 1.5 million feddan reclamation project, which is currently being implemented by the Egyptian government, with a total value of EGP 566.8m.
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 EGP 2.02bn, compared to EGP 1.74bn in the comparable period from 2021.
The company’s revenues increased during the first half of this year to EGP 38.96bn compared to revenues of EGP 26bn in the comparable period from 2021.
The parent company’s share of profits during the first six months of this year amounted to about EGP 1.88bn in June 2022, compared to EGP 1.58bn during the same period in 2021.
The non-controlling interests recorded about EGP 134.8m of profits in June 2022, compared to EGP 153.7m during the same period last year.