Arab Finance: Company announced Elsewedy Electric (SWDY)The purpose of signing a memorandum of understanding with Modon Holding Group as part of the development of the Ras El Hekma project is to clarify the intentions of the two parties for future cooperation and does not constitute any binding agreement, according to statement Egyptian Stock Exchange.
The potential scope of Elsewedy Electric Company has not yet been negotiated between the two parties in terms of value, duration, products, or any specific dates for the final agreements. In the hotel and hospitality sector, a cooperation agreement was signed with Montage International and Accor – Ynismoor to develop and operate hotels and resorts in Ras Al-Ain. Wisdom.
Regarding its consolidated business results for the financial period ending on 06/30/2024, revenues amounted to 102.626 billion pounds during the first half of 2024, which is an annual growth rate of 47.4%, according to the company stated in Disclosure Sent to the Egyptian Stock Exchange.
Founded in 1938, the company operates in five main business segments: wires, cables and accessories, electrical products, engineering and construction, digital solutions, and infrastructure investments. It has a strong presence in 19 countries across the world, and 31 production facilities spread across African and Asian countries including Egypt, Algeria, Saudi Arabia, Qatar, Indonesia, Pakistan and Tanzania.
It exports a wide range of high-quality products to more than 110 countries around the world. Elsewedy Electric follows a distinctive, pioneering approach in providing integrated services in the field of engineering, procurement and construction (EPC), which enables it to deliver all projects of an integrated nature ready for actual operation on time and with the highest efficiency.
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