ArabFinance: Elsewedy Electrics (SWDY) subsidiary, Elsewedy Electric Transmission and Distribution, signed a new contract with the Kuwaiti Ministry of Electricity and Water worth KWD 16.1 million (EGP 831.4 million), according to the companys statement to the Egyptian Exchange on February 17th.

Under the deal, the company will supply and install 400-kilovolt overhead transmission lines for Boubyan main substation.

The project will power the island of Boubyan and Mubarak Al Kabeer Port, currently being constructed by the Ministry of Public Works.

The on turnkey basis project will operate within 30 months from signing the contract.

Elsewedy Electric posted a 36% Year on Year decline in its consolidated net profit in the first nine months of 2020, registering EGP 1.73 million, compared to EGP 2.71 billion during the same period the year before.

The listed company is a provider of integrated energy solutions in Africa and the Middle East, and a manufacturer of cables and meters, especially smart meters. It has a portfolio incorporating all traditional and renewable energy areas along with related services.

*At press time, the conversion rate is KWD 1 = EGP 51.64.

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