Saudi: EIC’s unit secures $5.46mln contract

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Riyadh – Saudi Power Transformers Company, a subsidiary of Electrical Industries Company (EIC), signed a contract with AL Toukhi Company at a value of SAR 20.57 million.

EIC’s unit will design, manufacture, and provide transformers for AL Toukhi, according to a bourse disclosure.

The two parties inked the agreement on 20 August 2023 for 12 months. It is expected to have a positive financial impact on the Tadawul-listed company in 2024.

Last month, Saudi Power Transformers penned a deal amounting to SAR 153 million with Saudi Arabian Oil Company (Aramco).

In the first six months (6M) of 2023, EIC recorded a 177.22% year-on-year (YoY) leap in net profit after Zakat and tax to SAR 85.14 million, compared to SAR 30.71 million.

Revenues climbed by 65.56% to SAR 754.84 million as of 30 June 2023 from SAR 455.93 million a year earlier, while the earnings per share (EPS) increased to EGP 1.53 from EGP 0.55.