Cairo – Mubasher: ElSewedy Electric for Trading and Distribution, a subsidiary of Elsewedy Electric Co, signed a contract worth EGP 687 million with the Egyptian Electricity Transmission Company (EETC).

The contract includes the expansion of the Toshka 2 and Benban 3 substations over a period of twelve months as of the date of signing the contract, Elsewedy Electric Co said in a statement to the Egyptian Exchange (EGX) on Monday.  

Earlier in November, the company announced signing a contract worth EGP 995 million with the EETC for the Benban-Toshka overhead transmission lines.

It is worth mentioning that during the first nine months of 2019, Elsewedy Electric Co’s net profits dipped to EGP 2.78 billion, compared to EGP 3.57 billion in the prior-year period, including minority shareholders’ rights.