Electrical Industries subsidiaries pen SAR 158M contracts with Saudi Electricity

Electrical Industries Co. (EIC) stated that its subsidiaries, WESCOSA and Saudi Transformers Co., signed today, March 31, agreements worth SAR 158 million with Saudi Electricity Co. (SEC), according to a filing to Tadawul.

Under the agreements, EIC, through its subsidiaries, will supply electrical equipment to SEC, based on the purchase orders issued by the latter.

The 12-month agreements are binding on EIC rather than SEC, the statement said.

The deals are expected to have a positive impact on EIC's financials for 2024 and 2025.