El Sewedy Electric’s subsidiary signs LE365M contract with NUCA

CAIRO – 31October 2019: El Sewedy Electric Company announced that its subsidiary for trading and distribution signed a LE 365 million contract with the New Urban Communities Authority (NUCA).

The company clarified in a filing to the Egyptian Exchange (EGX) that the contract is for the execution of works related to the electro-mechanical high-voltage (HV) cables tunnel project connecting three substations in the New Administrative Capital.

According to the company, the EPC contract will be implemented over a 12-month period commencing from the date of signing and receiving the advance payment.

In April, Egypt's El Sewedy Electric Company announced that its subsidiary El Sewedy Electric for Trading and Distribution signed a contract worth LE 445 million to set up a transformer station and a transmission line for Al-Canal Sugar Company.

The company said that the project will be delivered 10 months after the signing of the contract and receipt of the advance payment. ElSewedy Electric Company for Trading and Distribution is 99.8 percent owned by El Sewedy Electric Company.

ELSEWEDY ELECTRIC for Trade & Distribution signed in March a new engineering, procurement and construction contract for the New Administrative Capital's 500 kilovolt substation worth LE 1.24 billion.

El Sewedy posted profits of LE 5.11 billion during the period from January to December of 2018, compared to profits of LE 6.48 billion in 2017.