Sanxing Medical subsidiary lands $58.8m smart meter contract in Egypt

Ningbo Sanxing Medical Electric Co., Ltd. announced that its wholly-owned subsidiary, Ningbo Sanxing Smart Electric Co., Ltd., has signed an intelligent meter project in Egypt. The total contract value amounts to $58.80 million. Sanxing Smart will serve as the supplier, providing single-phase and three-phase intelligent pre-payment meters for the project.

This contract's value represents 2.87% of the company's audited operating revenue for 2024. The company anticipates that the execution of this contract will positively impact its operations and financial performance, contributing to its strategic expansion in overseas markets and enhancing its competitive advantage. The counterparty for this contract is GIZA POWER INDUSTRY, established in 1984, which primarily deals in electricity products.

The company has identified potential risks, including the possibility of the contract not being fully performed or being terminated due to unforeseen circumstances or force majeure. Additionally, international trade policies, currency fluctuations, and other market, legal, or political factors could affect the contract's execution, as the products involved are for export.