Egypt Boosted Siemens’ Profits

Egypt Boosted Siemens’ Profits

Germany’s Siemens stated that it had boosted its net profit in the quarter ending September by 18%. This increase came from Siemens’ large power plants in Egypt, reported Business Insider. Siemens profit for the quarter to around $1.28b from around $1.08b for the same period in 2015. The quarterly profit was slightly below market expectations of around $1.33b, however sales rose 3% to be $23.64b, reported Economic Times.

Siemens said that its power and gas was seeing more revenue as it fulfills a large order for electricity generating facilities in Egypt. The German company is building three power plants and 12 wind farms in order to boost Egypt’s power generating capacity by 50%.

Accordingly, Egypt Oil&Gas reported that Siemens planned to complete trial runs for 11 units at its three Egyptian power plants located in Burullus, Beni Suef, and the New Capital by the end of November, early December. Sources with the Ministry of Electricity had stated Siemens will start initial trail runs at Beni Suef’s plant at the end of November with a production capacity of 400MW, followed by trails for an additional 5 units at the same plant by early December.

Sarah Samir 2901 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.


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