Elsewedy Electric for Trading and Distribution as subsidiary of Elsewedy Electric signed two agreements with the Egyptian Electricity Transmission Company to build three substations in Central and North Sinai with a total value of EGP 1.150 billion.
The first contract, valued at EGP 970 million, includes building two 22/66/220 kilovolt (kV) gas-insulated switchgear (GIS) substations, the company said in a bourse disclosure on Tuesday.
The second contract is worth EGP 180 million and involves establishing a 66/22 kV GIS substation.
Elsewedy Electric for Trading and Distribution will design, supply, and install the substations on a turnkey basis over a period of 16 months.
In the first half (H1) of 2021, Elsewedy Electric Co reported consolidated net profits of EGP 1.74 billion, compared to EGP 1.025 billion in H1-20, including minority shareholders’ rights.
