BEIJING, July 18 (Xinhua) -- China CAMC Engineering Co (CAMCE), an affiliate of State-owned China National Machinery Industry Corp, on Monday signed an 889 million yuan (131 million U.S. dollars) power transmission and transformation contract with Kenya's Ministry of Energy and Petroleum.
The project is located in Kenya's central and northern regions, according to a filing CAMCE sent to the Shenzhen Stock Exchange the same day.
CAMCE is responsible for building a 285-kilometer electric transmission line with 220-kilovolt capacity linking the counties of Isiolo and Garissa, as well as three transformer substations, said the filing.
The project is expected to be completed within 24 months.
Analyst said that the project will help CAMCE expand its business in the power sector and raise its market share in Kenya, news website finance.china.com reported on Monday.
The contract value is equivalent to 11.2 percent of the company's 2016 revenue, which means that the project will "have certain impact on the company's revenue and profit in the coming two years," the report noted.
In 2016, CAMCE reported revenue of 8.04 billion yuan, down 0.97 percent year-on-year, according to its financial statement. Net profit rose 21.24 percent to 1.27 billion yuan.
The Shenzhen-listed company's shares closed at 20.7 yuan on Monday, up 2.78 percent from Monday's opening. (Global Times)
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