Elsewedy Electric to execute works worth EGP423.3mln in Mostakbal City

Elsewedy Electric unveiled its subsidiary, Elsewedy Electric for Trade and Distribution, signed a EGP423.3mln contract to execute works for El-Mostakbal Urban Developments, according to a statement sent to the Egyptian Stock Exchange.  

The contract obligates EETD to build the infrastructure of electric and communications works in Mostakbal City’s pack 8, phase 3 of turn-key buildings. 

EETD said  that it will deliver the works within 22 months. 

Recently, Elsewedy Electric announced the signing of a contract for installing infrastructure of power grids in the first phase of the city st EGP620mln costs. 

Elsewedy Electric recorded EGP463.69mln earnings in the first quarter of 2020,down from EGP995.5mln last year. 

Elsewedy Electric revenues dropped to EGP10.77bn down from EGP11.22bn last year.