ArabFinance: Electro Cable Egypt (ELEC) announced the valuation of the financial leasing contract of its 54,000-square-meter land reached 90% of the land value, according to the company statement filed to the Egyptian Exchange.

The land amounts to EGP 38 million, the company said.

The company posted a net profit of EGP 133.5 million in 2020, lower 19.9% when compared to EGP 166.77 million in 2019, including minority shareholders’ rights.

Electro Cable is an Egypt-based public shareholding company that operates in the electric components manufacturing sector. The company manufactures and distributes power and telecommunication cables and wires in Egypt and abroad. Its product portfolio includes low, medium, and high-tension power cables, isolated cables, and telephone communication cables.