Cairo – Mubasher: Rowad Modern Engineering, a subsidiary of Elsewedy Electric Co, signed a new contract worth EGP 638.4 million with Al Futtaim Commercial and Administrative Centers.

The deal includes the implementation of construction and engineering works of Podium 2 Office buildings, the company said in a statement to the Egyptian Exchange (EGX) on Tuesday. 

The contract will be executed over 18 months as of the signing date, the statement showed.

It is noteworthy that Elsewedy Electric Co owns 51% of Rowad Modern Engineering.

Over the first nine months of 2019, Elsewedy Electric Co reported a net profit of EGP 2.78 billion, compared to EGP 3.57 billion in the prior-year period, including minority shareholders’ rights.