Al Babtain Power’s unit pens $52mln deals with two Egypt-based firms

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Riyadh – Al Babtain Power and Telecommunication Company’s Egypt-based subsidiary, Al Babtain Power and Telecommunication Company – Egypt, signed a contract valued at $24 million with Elsewedy Electric T&D.

The 12-month deal aims to supply galvanised steel towers 400 kV. for three transportation lines project in Morocco, according to a bourse statement on Wednesday.

The financial impact of this order is forecast to reflect positively during the second quarter (Q2) of 2023.

In a separate filing, Tadawul-listed Al-Babtain Power said the Egypt subsidiary further inked a $28 million contract with Giza Cable Industries Company.

Under the 12-month deal, the unit will supply galvanised steel towers 500 kV. for the electrical interconnection project between Egypt and Saudi Arabia.

The positive financial impact of this deal is expected to reflect in Q3-23.

It is worth noting that during the first nine months of 2021, the net profits after zakat and tax of Al Babtain Power declined by 16.122% to SAR 43.7 million from SAR 52.1 million in the year-ago period.