Cairo – Mubasher: Elsewedy Electric on Wednesday said that its subsidiary El Sewedy Electric for Transmission has won two contracts to build electric grids in Mauritania at a combined cost of $19.8 million.
The first contract covers building a 90-to-33-kilovolt network with $8.14 million in investments, and the second contract includes setting up 33-kilovolt girds for about 34 villages at EGP 11.6 million, the Egyptian cable maker added in a bourse filing.
Construction of the project is set to commence within 18 months from receiving an advanced payment and the location, the company indicated.
Elsewedy Electric previously reported a 20.9% year-on-year decline in its consolidated profits during the first half of 2018, recording a net profit of EGP 2.41 billion from EGP 3.05 billion.
