Cairo – Mubasher: El Sewedy Electric for Transmission & Distribution, a 99.80%-owned subsidiary of Elsewedy Electric Company, signed a new contract of $176.10 million for Al Ghazala Energy Company in Saudi Arabia to construct a solar power station with a capacity of 300 MW.
The subsidiary will mainly focus on the design, supply, and installation of the entire project, according to a recent stock exchange filing.
The project will be executed on a turnkey basis through a period of 16.50 months in addition to 29 months for operations and maintenance.
In the first nine months of 2022, Elsewedy Electric generated consolidated net profits of EGP 3.33 billion, up by 32.66% year-on-year (YoY) from EGP 2.51 billion.
As for standalone business, the EGX-listed company's net profits advanced to EGP 1.24 billion in the nine-month period ended 30 September 2022, from EGP 957.02 million in the same period in 2021.
