Cairo – Mubasher: Elsewedy Electric Co announced that its subsidiary Elsewedy Electric for Trading and Distribution signed a new agreement worth EGP 209 million to establish a new substation in Al Lahoon in the Egyptian governorate of Fayoum.
The deal involves the construction of 200/22/220 kilovolt (KV) substation on a turnkey basis, the company said in a statement to the Egyptian Exchange (EGX) on Tuesday.
The contract will be executed over a six-month period.
It is noteworthy to mention that in 2019, Elsewedy Electric posted net profits of EGP 4.163 billion, down from EGP 5.109 billion a year earlier.
