Rowad Modern Engineering — a subsidiary of Elsewedy Electric — announced on Tuesday that it signed a new contract with EIPICO for the construction of three factories for the production of biosimilar and biological products in 10th of Ramadan City.
The company added that the total project value amounts to EGP 418m and that the the contract will be implemented over a 13-month period starting from the signing date on a turnkey basis.
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.
In August, Elsewedy Electric for Trade and Distribution — a subsidiary of Elsewedy Electric — signed two contracts 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’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.
