A consortium of Egyptian cable maker Elsewedy Electric and Toyota Tsusho signed an EGP 1.46 bn agreement to supply and install smart electricity meters, in a move aimed at upgrading Egypt’s electricity infrastructure, Invest-Gate reports.
The engineering, procurement, and construction (EPC) contract, which was signed with the North Cairo Electricity Distribution Company (NCEDC), stipulates the installation of 500,000 smart meters, DMS, AMI, and RTU, paired with the smart ring link panels, according to the company’s bourse filing on November 30.
The project’s scope of work also includes the advancement of NCEDC’s electricity distribution network, thereby providing smart solutions for the digitization of its management, the statement added.
Under the deal, Elsewedy Electric will handle the engineering, procurement, and installation of all components and systems over 910 days on a turnkey basis, it further stated.
During the first nine months of 2020, Elsewedy Electric saw a 30.5% drop in net profit, reaching EGP 1.93 bn, compared to EGP 2.78 bn in the prior-year period. It generated EGP 31.47 bn in revenue in the January-September period, down from EGP 34.54 bn in the corresponding period a year earlier, as highlighted in the latest financial statements.