Riyadh – Mubasher: Saudi Power Transformers Company, a subsidiary of Electrical Industries Company (EIC), inked a SAR 281.13 million contract with the Branch of Hyundai Engineering Company Limited.
The two parties signed the agreement on 14 August for 15 months, according to a bourse disclosure.
Meanwhile, the deal covers supplying power transformers for the Jafurah Gas Plant Expansion project.
EIC highlighted that the contract would reflect positively on its financial results during 2025.
In the first half (H1) of 2024, the Tadawul-listed firm witnessed 106.53% higher net profits at SAR 175.84 million, compared to SAR 85.14 million in H1-23.
EIC is set to pay cash dividends amounting to SAR 112.50 million for H1-24 on 28 August 2024.
