Riyadh – Mubasher: Saudi Power Transformers Company, a subsidiary of Electrical Industries Company (EIC), inked a SAR 153 million contract with Saudi Arabian Oil Company (Aramco).
Under the agreement, EIC’s unit will provide oil giant Aramco with transformers, according to a recent bourse filing.
It is worth underlining that the two entities signed the 20-month deal on 6 July 2023.
EIC expected that the contract will reflect positively on its financial results during 2025.
Last April, Saudi Transformers was awarded a SAR 79 million project deal from the Kuwaiti Ministry of Electricity and Water and Renewable Energy.
During the first quarter (Q1) of 2023, EIC logged net profits after Zakat and tax valued at SAR 35.13 million, an annual hike of 188.64% from SAR 12.17 million.
Meanwhile, Aramco generated SAR 119.54 billion in net profit after Zakat and tax during the January-March 2023 period, down 19.25% year-on-year (YoY) from SAR 148.03 billion.
