Cairo – Mubasher: Rowad Modern Engineering, a subsidiary of Elsewedy Electric Co, has signed a new contract worth EGP 418 million with the Egyptian International Pharmaceutical Industries (EIPICO) for the construction of EIPICO Factory 3.
Situated in the 10th of Ramadan City, the new factory will produce biosimilar and biological products, according to a stock exchange statement on Tuesday.
The contract will be implemented over a 13-month period starting from the signing date on a turnkey basis.
It is worth noting that during the first half (H1) of 2022, Elsewedy Electric Co registered EGP 2.02 billion in its consolidated net profits after income tax, compared to EGP 1.74 billion in H1-21.
The company’s revenue stood at EGP 38.96 billion in H1-22, a yearly rise of 49.8% when compared to EGP 26.01 billion.