Gulf Cable inks $21mln deal with Kuwait’s electricity ministry

The company will provide various low-voltage cables

  
Image for illustrative purposes. Camels graze around power grid towers in the Kuwaiti desert .

Image for illustrative purposes. Camels graze around power grid towers in the Kuwaiti desert .

REUTERS/Stephanie McGehee

Kuwait - Gulf Cable and Electrical Industries signed a tender contract worth KWD 6.375 million with the Kuwaiti Ministry of Electricity and Water.

Under the deal, the company will provide various low-voltage cables, according to a statement to Boursa Kuwait on Tuesday.

The company expects generating an estimated operating profit of 3% of the total value of the tender.

The impact of the transaction will be reflected on the financial results for 2020.

It is noteworthy to mention that in 2019, the firm reported net profits of KWD 4.23 million, down from KWD 8.42 million in 2018.

Source: Mubasher

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