El-Sweedy Electric Transmission and Distribution (T&D) department, which is involved in turn-key projects and the sales of electronic meters, has seen a surge in revenues and profits over the first nine months of 2015.
On 30 November 2015, El-Sweedy signed an agreement to develop a turn-key solar-power plant with the capacity of 50MW, linked to the feed-in tariff programme, according to company sources. They said the project will be fully implemented by October 2016.
The sources said the revenues of turn-key projects recorded an annual growth of 148%, reaching EGP 5.264bn, in parallel with a 21% increase in the sale of metres.
It recorded revenues of EGP 15.521bn over the first nine months of 2015, compared to EGP 12.913bn over the same period in 2014. This growth led to an increase in net profit, recorded at EGP 962m, compared to EGP 310m over the period of comparison, marking a 210% increase.
The growth in turn-key projects, such as power plants and other buildings, in addition to the sales of electric meters, helped compensate for the contraction of business in other areas. The revenues of cables and wires sales recorded a decline of 4%, totalling EGP 9.138bn, while revenues of electrical transformers reduced by 22% to EGP 364m.
According to the sources, the turn-key projects are currently focused on implementing Ataka and Al-Mahmoudeya power plants.
The current project portfolio includes building Beni Suef power plant, with a capacity of 4,800MW. It is expected to start operating the plant by the end of 2016, and it will be linked to the national grid before the end of 2018.
