Posted by: NM News Magazine

Al Suwaidi Electric said its subsidiary, Al Suwaidi Electric Transmission and Distribution, has won two contracts for the construction of electricity networks in Mauritania, worth 19.7 million dollars.

The company said in its disclosure to the stock exchange shortly, that the value of the first contract is $ 8.14 million, which includes the construction of a station 90-33 KV, and a line of high voltage 90 kV.

According to the bourse, the second contract includes the construction of 33 kV medium voltage networks and low voltage networks for about 35 villages.

The company indicated that the contract is due to be executed within 18 months from the date of receipt of the advance payment and receipt of the site.

During the first quarter of 2018, the profits of El Sewedy Electric declined by 7% year on year due to increased costs, realizing profits of EGP 1.4 billion during the three months ended March 2018, compared to EGP 1.53 billion in the first quarter of last year. 2017, taking into account minority rights.

The company’s capital is 2.18 billion pounds, distributed on 218.4 million shares, with a nominal value of 10 pounds per share.