Cairo – Mubasher: Elsewedy Electric Co. announced that its subsidiary El Sewedy Transformers has signed two contracts at a total value of EGP 433 million with the Egyptian Electricity Transmission Company (EETC).
At a value of EGP 331 million, the first deal includes supplying and supervising the installation of 51 50-mega transformers, the company said in a filing to the Egyptian Exchange (EGX) on Thursday.
Under the second agreement valued at EGP 102 million, El Sewedy Transformers will supply and install six 175-mega transformers.
It is worth mentioning that in August, Elsewedy Electric Co. inked a deal with Toyota Tsusho for designing and establishing two photovoltaic solar power plants at a capacity of 50 megawatts (MW) each.
During the first half of 2019, Elsewedy Electric Co. logged a net profit of EGP 1.95 billion, compared to EGP 2.4 billion in H1-18.
