Electrical Industries’ subsidiaries sign SAR 785.5M agreements with SEC

Electrical Industries Co.’s (EIC) subsidiaries, WESCOSA and Saudi Power Transformers Co., on Sept. 10, signed some agreements  to supply electrical equipment to Saudi Electricity Co. (SEC) with a total value of nearly SAR 785.5 million (excluding VAT).

In a statement to Tadawul, the company pointed out that under the agreements, EIC — through its subsidiaries — will supply SEC with electrical distribution stations based on purchase orders issued by the latter.

The 19-month agreements are expected to boost EIC’s earnings from 2025-end through 2027. 

The company said the deals are only binding on its subsidiaries, and confirmed that no related parties are involved.