Elsewedy Electric sign MoU with Military Production Ministry

CAIRO – 16 November 2017: Local integrated energy solutions company Elsewedy Electric signed a memorandum of understanding (MoU) Thursday with the Ministry of Military Production to cooperate in fields of electric networks and surveillance systems.

The two entities agreed to cooperate in manufacturing, supplying, installing and testing of electric networks in cities and industrial complexes, Minister of Military Production Mohamed al-Assar said in a ministry statement.

“The cooperation will also be in street lighting projects, manufacturing land and fiber optics cable, substations and power transformers,” he said in the statement.

Elsewedy Electric’s profits soared 111 percent year-on-year in the third quarter (Q3) of fiscal year (FY) 2016/17, the company announced Wednesday.

The profits registered LE 1.56 billion ($88.4 million) in Q3, compared to LE 746.6 million in the same period in 2016.

Elsewedy Electric’s revenues were LE 11.4 billion in Q3, significantly up from LE 4.8 billion in Q3 2016.

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