Elsewedy Electric - Company's Website
CAIRO - 7 July 2022: El Sewedy Electric for Trade and Distribution, a subsidiary of Elsewedy Electric Co, signed a contract with the Egyptian National Railways Authority to implement the works of the project to develop signaling and communication systems on the Nagaa Hammadi - Luxor line.
The contract was signed in partnership with the Egyptian company for the renovation and maintenance of railways (ERTRAC) and Gharably Integrated Engineering Company (GIECO).
The company noted in a filing to the Egyptian exchange (EGX) Thursday that the total value of the project is LE 1.29 billion, and the proportion of El Sewedy Electric Trading Company is about LE 545 million, provided that the contract is executed within 24 months from the date of signing.
El Sewedy Electric achieved a net profit of LE 828.2 million during the period from January to the end of March 2022, compared to profits of LE 769.49 million during the first quarter of 2021, taking into account minority rights.
Elsewedy Electric operates within the capital goods sector focusing on electrical components and equipment. It has 37 subsidiaries operating across Northern Africa, Eastern Africa, Middle East and Southern Europe.
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