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Elsewedy to launch EGP 2bn projects in New Administrative Capital

Elsewedy to launch EGP 2bn projects in New Administrative Capital

Cairo – Mubasher: Elsewedy Electric Co. has announced that it was considering a number of infrastructure projects in the New Administrative Capital with total investments of EGP 2 billion.

The company further noted that the total value of its planned projects in the New Administrative Capital amounts to EGP 3 billion, according to a bourse statement.

In a similar vein, Elsewedy stated that it had completed a project to build a 500-kilovolt converter plant ahead of schedule.

Elsewedy Electric last reported a 20.9% year-on-year decline in its consolidated results during the first half of 2018, recording a net profit of EGP 2.41 billion from EGP 3.05 billion.