Cairo – Mubasher: Elsewedy Cables Qatar, the sister company of Egypt’s Elsewedy Electric Company has signed a contract valued at QAR 1 billion with Qatar General Electricity & Water Corporation (Kahramaa), according to a bourse filing.
The contract holds a tenor of three years for Qatar Power Transmission System Expansion project. The deal covers the engineering, procurement, and construction as well as the supply and installation of 132-kilovolt (kV) power cables for strategic projects.
Elsewedy Cables Qatar is a 73.40% subsidiary owned by Senyar Industries Qatar Holding W.L.L., one of Qatar’s leading industrial groups in which the EGX-listed Elsewedy Electric owns 50% shareholding.
It is worth noting that International Holding Company’s (IHC) unit Two Point Zero Group recently acquired a stake in Elsewedy Electric for EGP 21.20 billion.
In terms of the financial performance of the Egyptian company during the first quarter (Q1) of 2024, the consolidated net profits totalled EGP 4.23 billion.
