Cairo – Mubasher: Elsewedy Electric Co announced that its subsidiary Elsewedy Electric for Trading and Distribution signed a new agreement worth EGP 423.3 million with El Mostakbal for Urban Development.
The agreement includes the establishment of the electricity and telecommunications infrastructure of Mostakbal City’s third phase on a turnkey basis, the company said in a statement to the Egyptian Exchange (EGX) on Wednesday.
The contract will be executed over a 22-month period from the date of signing the contract.
It is noteworthy to mention that in 2017, Elsewedy Electric announced signing a contract worth EGP 620 million with El Mostakbal for Urban Development for the construction of the electricity and telecommunications infrastructure of the first phase of Mostakbal City.
During the first quarter of 2020, the company achieved net profits of EGP 463.69 million, down from EGP 995.5 million in the prior-year period.
