Elsewedy signs LE 620M contract for Mostakbal City

CAIRO – 5 September 2017: Elsewedy Electric’s subsidiary (Elsewedy for Trade and Distribution) signed a LE 620 million contract with El Mostakbal for Urban Development, the company announced Tuesday.

Elsewedy said in a statement to the Egyptian Exchange that it will build electricity and communication infrastructure for Mostakbal City, which will be developed near the New Administrative Capital project.

The implementation Elsewedy’s work will take 18 months.

Elsewedy Electric’s revenues hiked 97 percent to LE 20.65 billion ($1.16 billion) in the first six months of this year. Net profit increased 84.6 percent to LE 3 billion from LE 1.6 billion in the same period last year.

Higher revenues were driven by its wires and cables and turnkey projects segments, as well as the exchange of international and export revenues denominated by foreign currencies into local currency, the company said.

The company’s subsidiary will build 5,000 kV transmission lines in Upper Egypt with the length of 3,356 km.

Elsewedy Electric is the leading wires and cables and integrated energy solution provider in the Middle East and Africa.