Cairo – Mubasher: Elsewedy Electric Co announced that its 99.98%-owned subsidiary Elsewedy Electric for Trading and Distribution signed a new agreement worth EGP 355.5 million to establish a new substation.

The contract includes building a 22/22/220 kilovolt (kV) air-insulated substation on a turnkey basis at Sadat City over a 14-month period, according to a bourse disclosure on Wednesday.

During the first six months of 2020, the company achieved net profits of EGP 1.025 billion, down from EGP 1.95 billion in the prior-year period.