Cable and home appliance maker El Sewedy Electric is awaiting the issuance of the unified electricity law to commence works on its six wind energy power stations, said investor relations manager Tarek Yehya in a statement to Al Mal.
The new law will determine fees which the government will pay to purchase the energy from the wind farms under the IPP system.
The company had posted its consolidated financial statements for H1-14, which mirrored a 38% rise in net profit to EGP 230.1 million, compared with EGP 166.5 million in the same period a year earlier.
H1 standalone financial statements showed EGP 331.1 million net profit, compared with EGP 97 million net profit in H1-13.
Q1-14 consolidated net profit had amounted to EGP 126.5 million, compared with EGP 74.9 million in the year-ago period.
The new law will determine fees which the government will pay to purchase the energy from the wind farms under the IPP system.
The company had posted its consolidated financial statements for H1-14, which mirrored a 38% rise in net profit to EGP 230.1 million, compared with EGP 166.5 million in the same period a year earlier.
H1 standalone financial statements showed EGP 331.1 million net profit, compared with EGP 97 million net profit in H1-13.
Q1-14 consolidated net profit had amounted to EGP 126.5 million, compared with EGP 74.9 million in the year-ago period.
Source:
Mubasher
