Cairo – Mubasher: Elsewedy Electric Company has implemented a power generation station with a total capacity of around 1,200 megawatts (MW) using a combined cycle system in the Saudi city of Rabigh.

The project includes the participation of Saudi Electricity Company (SEC) and the German company Siemens Energy, with a value exceeding $1 billion.

Elsewedy Electric holds an 80% stake in the joint venture (JV), according to a bourse disclosure.

In the first half (H1) of 2024, the EGX-listed firm recorded year-on-year (YoY) higher consolidated net profits at EGP 9.10 billion, compared to EGP 6.15 billion.

Meanwhile, SEC posted a 16.56% YoY in net profit to SAR 5.24 billion as of 30 June 2024, versus SAR 4.49 billion.